Buildings sold at industrial complex
CRANBERRY and MARSHALL TWPS — Two buildings in the Thorn Hill Industrial Park that borders the townships have been sold.
Regional Industrial Development Corporation of Southwestern Pennsylvania sold the Commonwealth Manor I and II buildings to Elmhurst Group. The sale price for both buildings was $14.25 million.
According to a release from RIDC, Commonwealth Manor I is a 45,900 square foot building that was constructed in 1977. Commonwealth Manor II is a 60,300 square foot space added in 1987. Over the years, the company estimates the cost of construction and improvements to be $9.13 million.
The buildings are about 80 percent occupied, and current tenants will remain in place moving forward. Tenants include Kadmon Pharmaceuticals, Zembelli Fireworks, ECM Pharmaceuticals, Dyson, Microbac and RDS.
According to a release, RIDC will continue to own the multi-tennant Thorn Hill Corporate Center in the park, which houses Verizon as an anchor tenant.
According to RIDC President Donald Smith, the funds gained from the sale will allow for additional development projects, including a 75,000 square foot office building or flex building in the area. That is in addition to the 96,000 square foot Commons, and the 60,000 square-foot Heights at Thorn Hill flex building.