CANONSBURG, Pa., April 17, 2018 /PRNewswire/ -- T2 Capital Management, a Chicago-based real estate investment firm, announced today its acquisition of an industrial/distribution building in Canonsburg, Pennsylvania (Pittsburgh MSA).
A planned $10 million renovation will transform the currently vacant 130,583 square foot building at 135 Meadow Lane into a state-of-the-art facility known as the Canonsburg Distribution Center. The building sits on 7+ acres and is situated about 25 miles from Pittsburgh International Airport.
Once complete, the upgraded facility will provide a clearing height of 30 feet throughout, contain 12 shipping and receiving docks, new mechanical, electrical and plumbing, energy efficient LED lighting and an early suppression fast response (ESFR) sprinkler system. Renovations are expected to be finished in September 2018.
"The building is located in a great market and we saw a unique opportunity for local economic development," said Jeff Brown, co-founder and CEO of T2 Capital Management. "Aside from the space and immense potential, the chance to be part of a hard-working and growing community certainly drew us to the location."
Anixter, a publicly traded Fortune 500 company based in Glenview, Illinois, has already signed-on as the first tenant. The company, a leading supplier of Network & Security Solutions, Electrical & Electronic Solutions and Utility Power Solutions, will lease more than 50,000 square feet (approximately 38 percent of the building) for a minimum of 10 years, beginning in September.
T2 is also bringing three Pittsburgh-based firms onboard as part of the project development team. Fukui Architects, Gateway Engineers and P2 Contracting will assist with architecture, engineering and construction respectively. "Any time we venture into a new community, the ability to work together with local companies to move the project forward is invaluable," Brown added.
T2's first project in Pennsylvania builds on its success with similar ventures in Columbus, Ohio and Jacksonville, Florida.
To learn more or inquire about occupancy, please contact T2 at [email protected] or 630.590.9511.
T2 is an opportunistic, privately-held real estate investment firm that is based in Chicago. Since its founding in 2011, T2 has deployed $400+ million across the entire capital stack and among virtually all property types. The Firm has created a niche in swiftly executing investments of $1 – 15 million on properties that are predominantly located within the Midwestern United States. Each investment is designed to serve as a customized capital solution that is tailored to meet a specific need and lead to a mutually desirable outcome among T2's counter-parties. To learn more about T2, please visit http://www.t2investments.com.
SOURCE T2 Capital Management