I-79 North Industrial & Research Park

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Grant Street Associates, Inc. was challenged to sell the 406,702-square-foot, seven-building, 123-acre park, which contains 26 acres of land for future development. The property, developed in the 1980’s, was being sold by its original owners, who because of age, were attempting to organize their estates. The park has an excellent location adjacent to Interstate 79, is multi-tenanted and offered a good opportunity for an institutional buyer.

APPROACH

  • Due to the developable acreage, the land and buildings were priced separately, but marketed as a package.
  • Grant Street Associates partnered with Cushman & Wakefield Capital Markets Group to reach a wide scope of North American investors interested in such properties.

RESULTS

  • The property attracted numerous interested parties and more than two dozen bids were received.
  • Ultimately, the entire land and buildings development was sold to an institutional buyer – Sun Life Assurance Company of Canada.

 

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