Pool City Plaza, a two-building, 48,500-square-foot retail development located within the Pointe at North Fayette shopping district, has been purchased for $3.05 million by New York-based investor Cohen Equities.
Vice presidents of retail brokerage and leasing at Cushman & Wakefield Grant Street Associates, Inc
., J. R. Yocco and John Jackson, in conjunction with C-III Realty Services LLC (based in Irving, Texas), worked to solidify a sale for the online auction.
“Robinson is a great area. [It has] a lot of retail activity … [and] activity breeds activity,” Jackson begins. He explains that the site was attractive because the area hosts an active market “with little vacancy.” When Pool City Plaza became available, he says Grant Street Associates realized its value and assessed the site.
Cohen Equities has a more than 5-million-square-foot portfolio and acquires a variety of office and retail properties, from fully leased core assets and renovations to re-positioning and leasing of under-utilized properties and the workout of distressed commercial mortgages.
"The new ownership sees this as an exciting opportunity with tremendous upside and plans to invest significant capital into Plaza improvements," Yocco says. "Cohen Equities has budgeted for the type of tenant improvement dollars that are necessary to bring new national and powerhouse regional tenants to Pool City Plaza."
Pool City Plaza is situated within Pittsburgh's Parkway West-Airport corridor. This area has become one of the largest retail centers in the region, with more than 6.5 million square feet of retail located in a five-minute drive-time. At the conclusion of the second quarter 2014, the submarket had a vacancy rate of only 2.9 percent and remains a top destination for big box tenants in the market.
"The surrounding daytime population coupled with an availability of more than 25,000 contiguous square feet and new capitalized ownership will certainly get Pool City Plaza noticed by midsize retailers emerging in the Pittsburgh market," Jackson says. "The Plaza's proximity to major big box retailers like Target, Home Depot and Best Buy also adds to the project's value."
Source: Cushman & Wakefield Grant Street Associates, Inc., John Jackson