PITTSBURGH - A cross-section team from Buchanan Ingersoll & Rooney, led by Real Estate shareholder Jason P. Wrona, has helped client Golden East Investors acquire the former Heinz Factory at 1080 River Avenue in Pittsburgh. The deal included the acquisition of nine buildings totaling one million square feet spread over 20 acres of the city’s North Shore. The buildings were built between 1900 and 2000, and historically, the facilities were used for the production of Heinz products.
Golden East Investors purchased the property out of bankruptcy and will be redeveloping it in several phases, the first being 300,000 square feet of last-mile warehouse and cold storage facilities. Plans for subsequent phases include high-bay areas for robotics development and residential apartments. The property offers easy access to the Pittsburgh Central Business District, the Strip District (Robotics Row), Lawrenceville, Downtown Pittsburgh and primary transportation arteries.
“Due to the previous owner entering into bankruptcy, this project was complex. It has been a collaborative effort for our team, which included attorneys advising on financing, real estate, land use, bankruptcy, leasing, construction, corporate, and environmental issues,” said Wrona. “We are thrilled for Golden East Investors and look forward to seeing their vision for this property come to life.”
The Buchanan team included shareholders Jason A. D’Amico, Shawn N. Gallagher, Thomas J. Madigan, and Kelly M. Neal; counsel Brendan P. Lucas; of counsel Howard J. Wein; associates Lindsey E. Holzer, Fayezeh Haji Hassan, and Jason R. McLean; and paralegal Shaun Susan Fleming.
Golden East Investors is a real estate investment firm that invests capital on behalf of its own account and on behalf of institutional partners. The GEI team has decades of experience sourcing, acquiring, asset managing and realizing real estate investments throughout the continental United States, with several properties now in its Pittsburgh portfolio.