Bakery Square Self Storage LLC has purchased a former Salvation Army warehouse in Pittsburgh for $1.275 million, which it plans to convert to a self-storage facility. The 90,000-square-foot building had a list price of $1.3 million, according to the source. The five-story, red-brick building on the corner of East Liberty Boulevard and Hamilton Avenue is in the neighborhood of Larimer and behind Bakery Square, an open-air shopping and office development.
Real estate firm BBB II LP purchased the property in 2008 for $525,000. “When we bought it, we thought the area would be improving and it would be a good real estate investment long term. The area just improved quicker than we anticipated,” said Rich Beynon, a BBB partner and president of Beynon & Co., the real estate firm that brokered the sale.
The Salvation Army purchased the property in 2001 from Carload Furniture Distributors for $450,000. The building has also served as a meat-packing plant.
Walnut Capital, the developer of Bakery Square, Bakery Square 2.0 and two East Liberty apartment projects, entered an agreement to purchase the warehouse a year ago, but then backed out, the source reported. The company had planned to convert the building to office space.
Self-storage will be a good fit for the neighborhood, which has several residential developments, Beynon told the source. The purchase prices also reflects how real estate values in the area have increased, the source reported.
Bakery Square Self Storage LLC is an investment group based in Winter Park, Fla. The company’s principal is Gary Cardamone, according to Bizapedia.com.
Sources:
- Bizapedia.com: Bakery Square Self Storage LLC
- Pittsburgh-Post Gazette: Bakery Square Self Storage buys property in Larimer
- Pittsburgh-Post Gazette: Bakery Square Developer Eyes Larimer Site
