Client Success Story: Neville Commerce Center
The team at Genfor Real Estate combines a proactive marketing approach with great market knowledge. Their collateral materials are top notch. They provide best in class service and deliver great results for us.
– Eric Schindler, Director of Leasing
Elmhurst Group
Fully Leased 82,500 SF Spec Warehouse Developed by Elmhurst Group & PJ Dick
Genfor Real Estate has provided Elmhurst Group marketing & advisory services for almost 15 years, leasing and selling Elmhurst’s industrial, warehouse, and flex assets. The successful leasing campaign at Neville Commerce Center is a prime example of the long-standing, collaborative relationship between the two parties. The 82,500 SF spec warehouse was fully leased to Highmark roughly 6 months after fully delivering during a time when leasing activity in the Pittsburgh Industrial Market was down over 25% from historical averages.- 3051 Gulf Road, Pittsburgh (Neville Township), PA 15225
- Landlord Rep - Lease
- 82,500 SF Light Industrial Spec Warehouse
- Submarket - West
- Developer - Elmhurst Group & PJ Dick
- Tenant - Highmark
- 10+ Years Real Estate Advisory Relationship
Challenge:
Elmhurst Group, in partnership with their joint venture partner PJ Dick, began sitework in July 2023 for the construction of an 82,500 SF speculative light industrial building on Neville Island. After nearly three years of a robust industrial leasing market, tenant demand and user activity sharply declined in the fall of 2023, with reduced tenant activity continuing throughout 2024. Lease transaction volume (measured by total SF leased) in the Pittsburgh industrial market was down over 25% from historical averages during both 2023 (down 27%) and 2024 (down 26%).
Action:
Genfor Real Estate implemented a straightforward marketing process focused on engaging tenant prospects via direct contacts (phone, email, in-person) and a certain group of “target” prospects with operations nearby was specifically pursued. These efforts were complimented by keeping the marketplace and local brokerage community very informed about the building’s construction progress. Additionally, a well attended open house was hosted in May 2024 as the building approached shell delivery.
Result:
The building was fully leased to Highmark roughly six months after fully delivering. This result can largely be traced to the partnership between Elmhurst Group and Genfor Real Estate. The collaboration featured frequent and close communication between both parties and enabled the leasing team to proactively target prospective tenants, quickly respond to inquiries, and stay ahead of the market.
Contact:
Rich Gasperini, Principal
Genfor Real Estate
Cell: 412-651-6888
Direct: 412-564-0752
rgasperini@genforrealestate.com
