Value-Add Airport Office Park
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Value-Add Airport Office Park
5 Office Properties Online Auction Sale Coraopolis, PA
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Investment Highlights
- Airport Office Park is a noteworthy five-property investment opportunity in Pittsburgh’s dynamic Parkway West region.
- Prime positioning just outside of the Pittsburgh International Airport off Interstate 376 with access to Interstate 79 and all of Pittsburgh.
- Area demographics are excellent with high household incomes in a 5-mile radius exceeding $115,900.
- 43% occupied offices consisting of a variety of service-oriented, medical, and professional service companies.
- Airport Office Park comes equipped with on-site property management and maintenance that has kept the property in meticulous condition.
Executive Summary
As exclusive advisors, Newmark is pleased to present Airport Office Park, a five-property, 447,365-square-foot suburban office portfolio situated in the thriving and growing Parkway West region of Allegheny County. This strategically placed, well-maintained office park offers a value-add, development opportunity to the investor community.
The office buildings are situated in an approximately 22-acre, park-like setting and offer smaller floor plates, which lends itself toward residential conversion. With overall occupancy of 43%, Airport Office Park provides immediate cash flow to the future owner while allowing underutilized buildings to be readily converted to residential use. Furthermore, the oversized parking lots and excess land allow for additional, complimentary residential development to create a true work, live, play community.
Airport Office Park is ideally positioned near the Pittsburgh International Airport, ensuring easy access for corporate clients. Passenger traffic is already at 90% of pre-pandemic levels with new direct international flights to cities including London. Moreover, the massive, ongoing $1.4 billion renovation project, set for completion in 2025, will fully modernize the airport and increase capacity, further enhancing the attractiveness and vibrancy of the area.
Additionally, the nearby newly developed 200-acre Additive Manufacturing Innovation campus and Shell’s $6 billion petrochemical plant (opened in 2022) will further ensure that Airport Office Park will remain plugged into major economic drivers for decades to come.
With its strategic location, modern amenities, and adaptable spaces, the Airport Office Park represents a prime investment and development opportunity. We invite investors to review the offering memorandum and contact us to explore the possibilities and discover how this investment can enrich their portfolio.
Property tours are available by appointment only. Please contact the listing broker to schedule.
The office buildings are situated in an approximately 22-acre, park-like setting and offer smaller floor plates, which lends itself toward residential conversion. With overall occupancy of 43%, Airport Office Park provides immediate cash flow to the future owner while allowing underutilized buildings to be readily converted to residential use. Furthermore, the oversized parking lots and excess land allow for additional, complimentary residential development to create a true work, live, play community.
Airport Office Park is ideally positioned near the Pittsburgh International Airport, ensuring easy access for corporate clients. Passenger traffic is already at 90% of pre-pandemic levels with new direct international flights to cities including London. Moreover, the massive, ongoing $1.4 billion renovation project, set for completion in 2025, will fully modernize the airport and increase capacity, further enhancing the attractiveness and vibrancy of the area.
Additionally, the nearby newly developed 200-acre Additive Manufacturing Innovation campus and Shell’s $6 billion petrochemical plant (opened in 2022) will further ensure that Airport Office Park will remain plugged into major economic drivers for decades to come.
With its strategic location, modern amenities, and adaptable spaces, the Airport Office Park represents a prime investment and development opportunity. We invite investors to review the offering memorandum and contact us to explore the possibilities and discover how this investment can enrich their portfolio.
Property tours are available by appointment only. Please contact the listing broker to schedule.
Data Room Click Here to Access
- Operating and Financials
- Purchase Agreement
- Third Party Reports
- Title and Insurance
Market Analytics Click Here to Access
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Market Sale Price per SF
Pittsburgh - PA USA
Market Cap Rate
Pittsburgh - PA USA
Market Sale Price per SF by Star Rating
1 - 2 Star
3 Star
4 - 5 Star
Market Cap Rate by Star Rating
1 - 2 Star
3 Star
4 - 5 Star
Market Sale Price per SF Distribution
Market Cap Rate Distribution
Property Facts
| Sale Conditions | Auction Sale | Number of Properties | 5 |
| Sale Type | Investment | Total Building Size | 450,949 SF |
| Status | Active | Total Land Area | 18.06 AC |
| Sale Conditions | Auction Sale |
| Sale Type | Investment |
| Status | Active |
| Number of Properties | 5 |
| Total Building Size | 450,949 SF |
| Total Land Area | 18.06 AC |
Properties
| Property Name / Address | Property Type | Size | Year Built |
|---|---|---|---|
|
Airport Office Park V
345 Rouser Rd, Coraopolis, PA 15108 |
Office | 142,740 SF | 1994 |
|
Airport Office Park III
420 Rouser Rd, Coraopolis, PA 15108 |
Office | 120,334 SF | 1985 |
|
Airport Office Park IV
333 Rouser Rd, Coraopolis, PA 15108 |
Office | 67,833 SF | 1992 |
|
Airport Office Park II
400 Rouser Rd, Coraopolis, PA 15108 |
Office | 65,412 SF | 1982 |
|
Airport Office Park I
410 Rouser Rd, Coraopolis, PA 15108 |
Office | 54,630 SF | 1978 |
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Sale Advisor
Sale Advisor
Martin Perry, Senior Managing Director
(412) 310-2315
Contact
Martin Perry is a senior managing director at Newmark’s Pittsburgh office. Mr. Perry has been a commercial real estate broker since 2002, negotiating over 200 commercial real estate transactions totaling more than $46 million in revenue. He provides corporate real estate services to major retailers, developers and financial institutions, specializing in office, retail and investment properties. Mr. Perry’s expertise includes strategic planning, site selection and assemblage, development consulting, lease negotiation and financial analysis.
About West Pittsburgh
West Pittsburgh is home to some of the metro area’s most sought-after suburbs, such as Moon Township and Kennedy Township. Accessible via major highways such as interstates 279 and 376, West Pittsburgh is just a 20-minute drive to downtown Pittsburgh and the Pittsburgh International Airport. Some of the top employers in the region include UPMC, the University of Pittsburgh, and PNC Bank.
The area is attractive for young professionals and families alike, and it is home to an abundance of parks and several of the metro area’s highest-rated schools. Employers in West Pittsburgh have access to the region’s top talent, with proximity to several higher education institutions such as Carnegie Mellon University and University of Pittsburgh.
Proximity to large residential areas and mid-level rents make West Pittsburgh an attractive location for office tenants. Some of the largest office users in area include Eaton Corporation, ADP, and FedEx. Investors are active in West Pittsburgh, and the area has captured some of the top deals in the market in recent quarters.
About the Auction Platform
Ten-X Commercial is the leading end-to-end digital transaction platform for commercial real estate. With over $26bn sold, Ten-X’s platform empowers brokers, sellers and buyers with data-driven technology and comprehensive marketing tools to expand market visibility and decrease time to close. Ten-X consistently yields trade rates at two times the industry average. Ten-X expedites the entire CRE transaction timeline by enabling brokers and sellers to tap into a digital platform that makes it easy to onboard properties, evaluate the success of complimentary omnichannel marketing campaigns and follow up on the strongest pre-qualified leads. Buyers are precision-matched with properties aligned with their investment goals, with unprecedented access to market analysis and due diligence documents to help them securely acquire properties online, with confidence.
Read More
Auction Contact
Cheri Mascitelli
Contact
Auctioneer License:
Ten-X Arlene Richardson RE Broker RB068364. Ten-X Commercial Auction Firm AY002443, Auctioneer Arlene Richardson AU006275
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VIDEOS
3D TOUR
PHOTOS
STREET VIEW
STREET
MAP
Transaction Fee Schedule
Based on Percentage of Winning Bid Amount.
Winning Bid Amount
Transaction Fee
$0m to < $1m
5.00% ($20,000 min)
$1m to < $3m
3.00%
$3m to < $5m
2.50%
$5m to < $10m
2.25%
$10m to < $15m
2.00%
$15m to < $25m
1.75%
$25m to < $35m
1.50%
$35M to < $45M
1.00%
$45M to < $55M
0.75%
$55M and Up
0.50%
Example Calculation
Winning Bid Amount
$4,000,000
Transaction Fee
$100,000 (2.5%)
Total Purchase Price
$4,100,000
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