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250 RIDC Park West Dr Pittsburgh, PA 35,100 SF Building

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250 RIDC Park West Dr Pittsburgh, PA 35,100 SF Building Investment Opportunity | Offering Memorandum 250 RIDC Park West Dr Pittsburgh, PA 35,100 SF Building Michelle Domeisen, SIOR, CCIM Gregg Broujos Senior Vice President | Pittsburgh Regional Principal | Pittsburgh Investment Services Investment Services +1 412 515 8544 +1 412 515 8523 [email protected] [email protected] Executive Summary 250 RIDC Park West Drive (“250 PWD”) is service entrance for unloading vehicles on in the RIDC Park West Industrial Park, a the lower level. 500-acre office/ warehouse/flex business Finally, the location is ideally located from park that was established in 1979. Located these important destinations: between Pittsburgh’s central business district and the Pittsburgh International 5 Miles from Pittsburgh International Airport, this location is ideally located just Airport minutes from the airport and minutes from 12 Miles from Downtown Pittsburgh the Robinson Township destination retail 16 Miles from University of Pittsburgh shopping district. 16 Miles from Carnegie Mellon University 250 PWD is a 35,100 SF, two-story office building with approximately 17,550 square 21 Miles from Royal Dutch Shell Ethane feet per floor with a parking field for Cracker Plant approximately 161 cars. This property will be sold vacant. PRESENTED BY: Currently owned by Vesuvius as an owner- Colliers International | Pittsburgh occupant, this building could be used as Investment Services Group a single owner-occupier or multi-tenant investment property. The building features a passenger elevator, beautiful natural surroundings, outdoor employee break areas, and is mostly office intensive. Other features include: full sprinkler system, large skylights, and relatively high ceilings. Properties like 250 PWD that are available for sale do not come on the market very often. This sale represents an opportunity for a buyer to take advantage of the historically low interest rate environment, while locating into the premier business park in the Parkway West. As for flexibility, this office building can easily be converted into a multi-use, “tech flex” building, as the high ceilings on the lower level could allow for a conversion to tech/flex, assembly, or lab space. Further, there is a loading dock at one end of the building on the upper level, and a possible 250 RIDC Park West Dr. Offering Memorandum | Executive Summary | 2 Brochure 250 RIDC Park West Dr. | For Sale For Sale Property Profile Numbers at a Glance 35,100 sf 6.053 acres 161 Building size Lot size Parking Spaces Highlights & Location 250 RIDC Park West Dr. • 35,100 SF on 2 levels Pittsburgh, PA 15275 • 161 car parking field • Beautiful natural surroundings Asking Price: with extensive outdoor employee A unique real estate break area $2,950,000 opportunity in the RIDC • High ceilings and large windows Park West Industrial Park throughout that could be used for an • Possible lower level conversion owner-occupier or as a to tech-flex, lab, or light assembly 35,100 SF Available multi-tenant space due to ceiling height investment property • Fully sprinklered RIDC Park West Drive • Lot/Block 591-M-264 250 RIDC Park West Dr. Offering Memorandum | Executive Summary | 3 Brochure 250 RIDC Park West Dr. | For Sale For Sale Property Gallery Outdoor Employee Conference Room Conference Room Carnegie Break Space University of Mellon Pittsburgh University • 5 Miles from Pittsburgh International Airport • 12 Miles from Downtown Pittsburgh • 16 Miles from University of Pittsburgh Small Conference • 16 Miles from Carnegie Mellon University Office Office Room • 21 Miles from Royal Dutch Shell Ethane Cracker Plant Our mission Maximize the potential of property to accelerate the success of our clients and our people. Kitchen Break Room Skylights Contact Michelle Domeisen, SIOR, CCIM Gregg Broujos 525 William Penn Place, Suite 3510 Senior Vice President | Pittsburgh Regional Principal | Pittsburgh Pittsburgh, PA 15219 Investment Services Investment Services Main: +1 412 321 4200 +1 412 515 8544 +1 412 515 8523 Fax: +1 412 321 4400 [email protected] [email protected] colliers.com/pittsburgh This document has been prepared by Colliers International for advertising and general information only. Colliers International makes no guarantees, representations or warranties of any kind, expressed or implied, regarding the information including, but not limited to, warranties of content, accuracy and reliability. Any interested party should undertake their own inquiries as to the accuracy of the information. Colliers International excludes unequivocally all inferred or implied terms, conditions and warranties arising out of this document and excludes all liability for loss and damages arising there from. This publication is the copyrighted property of Colliers International and/or its licensor(s). ©2021. All rights reserved. 250 RIDC Park West Dr. Offering Memorandum | Executive Summary | 4 Table of Contents Photo Gallery & 07 Location Maps Property 13 Information Market 17 Overview Pittsburgh 22 Regional Overview Financial 28 Overview Photo Gallery & Location Maps Offering Memorandum 250 RIDC Park West Dr. Property Photos Clockwise from top: • Front of Exterior of Building • Small Conference Room • Hallway • Office • Large Conference Room • Collaboration/Conference Room 250 RIDC Park West Dr. Offering Memorandum | Photo Gallery & Location Maps | 7 Property Photos Clockwise from top: • Rear of Exterior of Building • Lunch Room • Mailroom • Small Kitchen • Kitchen for Large Conference Room 250 RIDC Park West Dr. Offering Memorandum | Photo Gallery & Location Maps | 8 Property Photos Clockwise from top: • Building Exterior • Building Exterior • Backup Generator/Utility Panel • Garage Door • Ramp and Garage Door 250 RIDC Park West Dr. Offering Memorandum | Photo Gallery & Location Maps | 9 Property Aerial Pittsburgh International Airport Carnegie Mellon University of University Pittsburgh Pittsburgh 250 RIDC Park West Dr. Offering Memorandum | Photo Gallery & Location Maps | 10 Area Map 250 RIDC Park West Dr. Offering Memorandum | Photo Gallery & Location Maps | 11 Property Information Offering Memorandum 250 RIDC Park West Dr. Physical Description Property Address: Fire Protection: Water: Plumbing: 250 RIDC Park West (Allegheny County) 32 wet Tyco sprinkler heads with Findlay Township Pittsburgh, PA 15275 Copper from boiler to hot water tanks temperature rating to 155 degrees Sewer: Foundation: Kitchens: Total Building Area: Findlay Water and Sewer Authority Reinforced masonry, slab and caissons Four (4) throughout the property 35,100 SF with 17, 550 sf on each floor Electricity: Land Area: Structural Frame: Doors: Duquesne Light 6.053 acres All steel ASTM 36 Amweld steel metal fire doors Natural Gas: Latitude/Longitude: Interior Walls: Floor Cover: Peoples Gas with capacity at 2170 cubic 40.456700/80.200800 Drywall Bigelow 1/10 gauge broadloom in feet per hour office and hallways, ceramic tile in foyer and 12 x 12 vinyl squares in kitchens Year Built: Exterior Walls: 1979; Renovated 2005 & 2007 Brick Veneer Windows: Original two-pane with tint Stories: Roof: Two (2) Flat rubber roof Ceiling Heights: 1st Floor – 9.0’ above slab, 2nd Floor – Parking: Rest Rooms: 10.0’ above slab 161 paved, asphalt areas to the south 2 Ladies Rooms on each floor and 2 and west of the building. 156 are Mens Rooms on each floor with Bradley Redundant Power: regular spots and 5 are handicapped. Washroom Accessories Lighting is provided throughout the One emergency generator, 400 gallon parking lot. diesel fuel capacity HVAC: Rooftop units and a Weil McClain Loading Area: Zoning: Slimfit boiler with Honeywell controls BPK – Business Park Single car garage on west side of building Ceilings: Tax ID: Acoustic tile, Armstrong 2x2 and 2x4 Millwork: 0591-M-00264-00 drop ceilings Wilsonart plastic laminate on wall cabinets, etc. Entry Type: Elevators: Bridge access from parking lot to Hydraulic Marshall elevator, 2100 lbs, 2020 Taxes: building 12 person capacity Allegheny County: $13,598.75 Findlay Township: $4,508.00 Stairwells: Audio/Visual: Findlay Township School: $53,216.25 Three (3) Projection screen capability 250 RIDC Park West Dr. Offering Memorandum | Property Information | 13 Site Plan Allegheny County Map Data displayed on this map is for informational purposes only. It is not survey accurate and is meant to only show a representation of property lines 250 RIDC Park West Dr. Offering Memorandum | Property Information | 14 First Floor Floor Plan Second Floor 250 RIDC Park West Dr. Offering Memorandum | Property Information | 15 Market Overview Offering Memorandum 250 RIDC Park West Dr. 4th Quarter Office Market Report Market Comparisons - Total Office Market Statistics Q4 2020 EXISTING INVENTORY VACANCY YTD NET YTD DELIVERIES QUOTED MARKET UNDER CONST SF ABSORPTION SF RATES Research & Forecast Report # BLDS TOTAL RBA DIRECT SF TOTAL SF VAC % Armstrong 10 81,607 2,300 2,300 2.8 2,300 - - $14.57 Beaver 56 11,091,500 116,344 116,344 10.7 14,209 - - $19.16 PITTSBURGH | OFFICE Butler 122 4,191,121 254,943 353,452 8.4 156,483 - - $22.44 Q4 2020 CBD 83 26,594,284 3,542,575 3,774,895 14.2 232,272 - - $27.00 East End 86 2,697,556 240,329 266,145 9.9 82,815 - 712,153 $39.72 Fayette 31 375,555 16,791 16,791 4.5 7,966 - - $16.77 Greater Downtown 154 11,925,983 1,208,167 1,487,222 12.5 202,955 177,621 647,584 $32.19 Monroeville 48 2,684,545 327,593 327,593 12.2 8,874 - 11,088 $20.35 (Forecast) North Pittsburgh 220 6,246,377 673,552 683,494 10.9 8,198 54,500 60,000 $22.65 Market Indicators Pittsburgh Pittsburgh Northeast Pittsburgh 110 2,705,739 146,392 146,392 5.4 37,461 - - $18.98 State of the Office Market Relative to prior period Q4 2020 Q1 2021 Oakland 60 3,184,023 181.030 181,030 5.7 9,550 160,200 395,506 $47.76 VACANCY Fourth Quarter 2020 Parkway East 79 3,716,478 534,372 539,006 14.5 203,003 - - $18.41 The fourth quarter of 2020 saw vacancy rates for class “A” and “B” office space in the Pittsburgh region rise to NET ABSORPTION Parkway West 132 8,607,266 843,322 940,534 10.7 113,725 245,015 - $21.77 11.8%.
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