Category Archives: Investment
Colliers International | Pittsburgh received the “Investment Sale of the Year, Industrial – Speculative” award from the Western Pennsylvania Chapter of the Society of Industrial and Office Realtors (SIOR) Annual Awards Luncheon last Thursday at the Rivers Club.
Gregg Broujos, Managing Director & Founding Principal, John Bilyak, Principal, and Justin Kline, Associate, received the award for the sale of the 31st Street Studios that occurred in the last quarter of 2017. New York-based North River Pittsburgh I, LLC purchased the 238,000 SF multi-industrial complex in the Strip District for $14 Million.
“As with any Special Purpose property, the success of a disposition can only happen when all parties work well together so that a “win-win” result is achieved,” Broujos said. “To that end, Colliers International had a great working relationship with the seller and their counsel, Lampl and Associates, the buyer and their counsel, Houston Harbaugh, and the many officials and attorneys involved throughout the court-approved sale process.”
31st Street Studios was formerly owned and operated by Gateway Entertainment Studios and was home to many film and television productions including Dark Knight Rises, Jack Reacher, Fences, Southpaw and Concussion.
New York-based North River Pittsburgh I, LLC purchased 31st Street Studios, the largest sound stage between New York and Los Angeles, for $14 Million. The 238,000 square foot multi-industrial complex sits riverfront on 9.36 acres in Pittsburgh’s iconic Strip District.
“The sale of the 31st Street Studios property is yet another example of the high velocity of the Strip District commercial real estate market and brings yet another high quality investment firm to the Pittsburgh market,” said Gregg Broujos, Managing Director & Founding Principal of Colliers International | Pittsburgh, who served as the broker for the public auction.
In addition to Broujos, John Bilyak, Principal, and Justin Kline, Associate for Colliers International | Pittsburgh along with Robert O. Lampl Law Office, represented the seller, Gateway Entertainment Studios LP.
“It was a team effort, but Gregg was instrumental in getting the property sold,” said Ryan Cooney, Lawyer at Robert O. Lampl Law Office. “With a bankruptcy case, there are more moving parts than your typical transaction, and Gregg was able to communicate well with everyone involved.”
According to their website, 31st Street Studios is home to many film and television productions with Sony Pictures, Paramount, and Netflix. Past productions include Dark Knight Rises, Jack Reacher, Fences, Southpaw, and Concussion.
Broujos commends Chris Breakwell, President and CEO of Gateway Entertainment Studios, for the phenomenal job he has done with the movie studio.
“It brings in an incredible amount of economic activity to the Pittsburgh region, and we really owe him a debt of gratitude for his work over the years and into the future.”
Justin Kline, Investment Sales Associate at Colliers International | Pittsburgh, recently graduated from the Leadership Pittsburgh LDI Class XXIV. Kline, alongside the 50 members in his cohort, completed 31 credits in leadership sessions and activities, participated in an overnight retreat and implemented community impact projects over the course of 9 months.
According to the Leadership Pittsburgh website, LDI is a leadership training program for high-potential young professionals that utilizes data-driven training models and provides access to experts who share experiences. The goal of LDI is to build future leaders of the Pittsburgh community.
“We are proud of the accomplishments of Justin Kline, and his 50 fellow LDI XXIV participants, in successfully completing the Leadership Development Initiative program,” said Sarah Miele, Program Manager for Leadership Pittsburgh. “We at Leadership Pittsburgh Inc. are inspired to know that our region’s future is in the hands of these incredibly talented leaders.”
Kline now joins a network of 2,400 Leadership Pittsburgh alumni.
Miele continues, “As they follow in the footsteps of alumni that came before them, we look forward to their enhanced engagement in the civic sector of our community and to their contributions in making Pittsburgh truly the most livable city.”
“Colliers International l Pittsburgh is extremely proud of the commitment that Justin has shown with his graduation from the LDI program,” said Gregg Broujos, Managing Director & Founding Principal at Colliers International | Pittsburgh. “As a young businessman in an extremely competitive industry, Justin chose to better define his leadership capabilities, while also examining more ways to help our communities throughout Western Pennsylvania.”
This edition of the Investment Newsletter contains 1st quarter 2017 market indicators, market statistics, sales transactions and an investor spotlight interview with Bill Hunt of the Elmhurst Group based in Pittsburgh, Pennsylvania.
Click here to view the entire report.