Transaction Expands Treetop’s Institutional-Scale Industrial Portfolio in Pittsburgh MSA

Treetop Companies announced today the acquisition of the Pittsburgh Logistics Center, a 515,411-square-foot multi-tenant warehouse located at 460 Nixon Road in Cheswick, Pennsylvania. The $32 million transaction marks a significant expansion of Treetop’s logistics platform in the Pittsburgh metropolitan area, just six miles from its recently acquired Alpha Logistics Center.

Acquired at $62 per square foot—a substantial discount to replacement cost and recent comparable sales—the property further cements Treetop’s presence in one of the nation’s most supply-constrained industrial markets. The Pittsburgh Logistics Center is currently 87% leased to a diversified roster of national and regional tenants, with active negotiations underway for a 10-year lease on the remaining 66,000 square feet and the site’s 2.5-acre industrial outdoor storage (IOS) parcel.

“This acquisition represents a textbook Treetop opportunity: a high-quality logistics asset purchased at a compelling basis with multiple avenues for value creation,” said Azi Mandel, Managing Partner of Treetop Companies. “With strong in-place cash flow, immediate upside through leasing, and long-term expansion potential, the Pittsburgh Logistics Center positions us to deliver exceptional returns while meeting growing tenant demand in a market with extremely limited new supply.”

The property sits on 43 acres and offers tenants a 140-foot truck court, 63 loading doors, nine drive-ins, and expansion potential of up to 209,000 square feet. The tenant roster includes BFG Supply, ABC Supply, Trulite, Sampco, and Dunn Tire—companies with an average tenure of nearly a decade and deep ties to the Pittsburgh region. Several leases are significantly below market, creating additional upside through future mark-to-market opportunities.

The Pittsburgh MSA continues to demonstrate strong fundamentals, with industrial vacancy rates below 5% and minimal new supply expected in 2025. The market’s strategic location—within 500 miles of major U.S. ports, 50% of U.S. companies, and half the U.S. and Canadian populations—further enhances its importance as a logistics hub. Western Pennsylvania is rapidly emerging as a national hub for logistics and innovation, bolstered by President Trump’s $92 billion Energy + AI initiative in Pittsburgh and Blackstone’s large-scale commitments to industrial and technology infrastructure. These investments are driving tenant demand and institutional capital into the region, reinforcing Treetop’s strategy of scaling in markets poised for outsized growth.

“By adding the Pittsburgh Logistics Center to our Alpha Logistics Center acquisition earlier this year, Treetop now controls more than 840,000 square feet of industrial space in the region,” added Adam Mermelstein, Managing Partner of Treetop Companies. “This scale not only improves operational efficiency but also positions us to access the institutional buyer pool that traditionally pays a premium for large portfolios.”

Treetop was represented by Corey Tarzik of Blank Rome LLP. Ryan Cottone of JLL brokered the sale, while Jim Cadranell of JLL arranged the mortgage financing. Leasing is being handled by Richard Gasperini, Jr. of Genfor Real Estate. For leasing inquiries, please contact Richard at rgasperini@genforrealestate.com

With this acquisition, Treetop Companies continues to execute on its national industrial platform, leveraging its expertise in value-add real estate to identify underpriced opportunities in growth markets.

About Treetop Companies

Founded in 2005 by Adam Mermelstein and Azi Mandel, Treetop Companies is a diversified real estate investment firm with a portfolio exceeding $1 billion in value. The firm controls over 10 million square feet of industrial properties and approximately 5,000 residential units nationwide. With deep expertise in acquisitions, development, and repositioning, Treetop is recognized for its ability to identify high-growth opportunities and deliver strong results for investors.

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