By Adriana Pop, Associate Editor
GMH Capital Partners of Newtown Square near Philadelphia has acquired the Cork Factory Lofts in the Strip District, one of Pittsburgh’s premier apartment communities.
According to the Pittsburgh Tribune Review, Dan McCaffrey Interests of Chicago and Mt. Lebanon businessman Charles Hammel of Pitt-Ohio Express and partners sold the property for an undisclosed amount. The complex consists of the original 297-unit Cork Factory apartment building, which resulted from the conversion of the former Armstrong Cork Factory, the newly constructed 96-unit Loft 24, which was completed at the end of 2012, and a 427-space garage and retail building.
Both residential buildings are almost completely occupied and attract “tenants of choice” who have the financial means to buy a house but prefer to live in a Class A apartment, according to Gary Holloway Jr., president of GMH Capital Partners. Plans now call for a series of property upgrades, including a larger fitness center and an outdoor kitchen area with grill.
Rents start at around $1,600 for the Cork Factory building, which opened in 2006, and at $1,400 for the Lot 24 units.
The company’s other projects in the Pittsburgh area include a 376-unit apartment community in Southpointe Town Center in Washington County. Built on 8.1 acres of land, the four-story building currently under construction is scheduled for completion in 2015.
In other news, the Pittsburgh Business Times reports that a joint venture between Coral Gables, Fla.-based Market Street Real Estate Partners and Chicago-based JDI Realty has acquired the seven office buildings at Parkway Center in Green Tree. In two separate transactions, the companies paid a total of $39.2 million for the properties, which offer a combined 620,000-square-foot of space.
The seller was an investment group led by the family trust of Bill Baierl. The new owners are planning to upgrade the buildings, which are currently 70 percent occupied.
Photo credits: www.thecorkfactory.com