FOR IMMEDIATE RELEASE: Media Contact: Desiree Niccoli, email@example.com, 412-535-5701
PITTSBURGH, PA – July 19, 2019 – Regional Industrial Development Corporation of Southwestern Pennsylvania (RIDC) has sold its Commonwealth Manor I & II buildings at Thorn Hill Industrial Park in Marshall and Cranberry Townships to Elmhurst Group. The buildings are approximately 80% occupied and those current tenants will remain in place as Elmhurst markets the remainder of the space to new tenants.
Commonwealth Manor I, a 45,900 square foot building, was built in 1977, and Commonwealth Manor II, 60,300 square feet, was built in 1987. The cost of construction and improvements for both buildings over the years has totaled $9.13 million.
Current tenants at Commonwealth Manor I include Kadmon Pharmaceuticals (formerly 3 Rivers Pharmaceuticals), and at Commonwealth Manor II, Zambelli Fireworks, ECM Pharmaceuticals, Dyson, Microbac, and RDS (Retail Data Systems).
RIDC President Donald Smith said: “Our goal at Thorn Hill Industrial Park was to build a great industrial park and then catalyze its growth with spec buildings. With that mission accomplished, this sale allows us to redeploy funds into new economic development projects to grow the region’s economy. We have already worked in partnership with Elmhurst Group to develop the Commons, totaling 96,000 square feet, as well as the recently completed 60,000 square-foot Heights at Thorn Hill flex building. To follow, there will either be a three story 75,000 square foot office building or another flex building built.”
Elmhurst Group quote: “Thorn Hill is an outstanding industrial park in a location at the heart of a region that is thriving economically. Its current tenants include a strong base of pharma and tech companies, and we look forward to growing the tenant list.”
Elmhurst Group is a 40-year-old Pittsburgh-based organization that invests in commercial real estate and in the retail, medical, hospitality, energy and electronic security industries. Elmhurst’s real estate holdings include 30 buildings on 18 sites, totaling more than three million square feet of office, distribution, flex and hotel space.
RIDC Senior Vice President of Development Tim White said: “RIDC’s long-term partnership with Allegheny County and patient investments to redevelop Thorn Hill Industrial Park, formerly the site of the Thorn Hill Home for Waverly Boys, has helped bring jobs and the pharma and tech companies that are driving the economy of northern Allegheny County.”
RIDC still owns one building in Thorn Hill Industrial Park—the multi-tenant Thorn Hill Corporate Center with Verizon as an anchor tenant, along with over 50 acres for future development in this park and the nearby Innovation Ridge at Thorn Hill.
Innovation Ridge is a 223-acre advanced technology and office park. Half of the park has been set aside for primary conservation areas, forested and landscaped buffer zones, and various open spaces. The site also features a recreational trail constructed by RIDC. Late last year, local leaders joined RIDC and developer Innovation Center Associates to break ground on Innovation Pointe, an $18 million speculative office development.
Currently, Innovation Ridge has 11 parcels totaling 80 acres available for office development.
The mission of the Regional Industrial Development Corporation of Southwestern Pennsylvania is to catalyze and support economic growth and high-quality job creation through real estate development and finance of projects that advance the public interest. A not-for-profit entity, RIDC owns over 2,800 acres of land in 11 industrial parks and manages over 50 buildings. More information is available at www.ridc.org.
TribLIVE – Thorn Hill Industrial Park buildings sold to real-estate investor for $14.25M
Pittsburgh Business Times – RIDC sells Thorn Hill buildings to Elmhurst
The Cranberry Eagle – Buildings sold at industrial complex