Newmark Facilitates 20-Acre Development Site Sale at Fort Cherry Development District in Pennsylvania

February 16, 2023 2:00 PM

Newmark announces the sale of a 20-acre parcel within the Fort Cherry Development District, an industrial park located on Route 576 in Robinson Township, Washington County, southwest of Pittsburgh, Pennsylvania. Newmark Executive Managing Director Louis V. Oliva, SIOR represented the seller, Pittsburgh-based Imperial Land Corporation (“Imperial Land”), one of the largest landowners in Southwestern Pennsylvania, in the $2 million sale to the buyer, Scalo Ft. Cherry, LLC.

Potential uses for the property include up to 195,000 square feet of build-to-suit or spec product for light manufacturing, a regional or national distribution center, or a research and development center.

“This development is a direct result of the Pennsylvania Turnpike’s decision to extend Route 576 to I-79 and marks a natural progression for the client, Imperial Land Corporation,” said Oliva. “Phase I of the development presents an ideal opportunity for users to establish themselves in an area with direct access to some of Pennsylvania’s most trafficked passageways. We look forward to seeing this project come to fruition.”

The parcel, “Lot 1,” is part of Phase I of the Fort Cherry Development District, spans 20 acres and is zoned as light industrial. Phase I—comprising four industrial lots totaling 125 acres—features direct access from Exit 11 of Route 576 and is located 11 miles south of Pittsburgh International Airport. Road/utility installation is expected to be completed by the second quarter of 2023, with construction start dates subject to site plan approvals. Phase I is projected to provided 1.2 million square feet of industrial development.

Since 2009 Imperial Land has sold over 700 acres in the Route 576 corridor at Exit 4–Westport in Allegheny County. The land sales have resulted in the completion of 19 buildings totaling 4 million square feet of industrial development.

The Fort Cherry Development District is located in the Washington County submarket, with the lowest industrial vacancy of any submarket in the Pittsburgh metro area at 2 percent, as of the fourth quarter of 2022, according to Newmark Research. Washington County continues to see demand exceed supply due to a lack of available industrial inventory throughout the submarket. As one of the two planned projects in the I-70/I-79 Corridor and the Route 576 Corridor, the Fort Cherry Development District will deliver much-needed inventory in 2023.

About Newmark
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries (“Newmark”), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Newmark’s comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, and startups to blue-chip companies. Combining the platform’s global reach with market intelligence in both established and emerging property markets, Newmark provides superior service to clients across the industry spectrum. Newmark generated revenues of approximately $2.7 billion for the year ending December 31, 2022. Newmark’s company-owned offices, together with its business partners, operate from approximately 180 offices with nearly 6,700 professionals around the world. To learn more, visit nmrk.com or follow @newmark.

Discussion of Forward-Looking Statements about Newmark
Statements in this document regarding Newmark that are not historical facts are “forward-looking statements” that involve risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements. These include statements about the effects of the COVID-19 pandemic on the Company’s business, results, financial position, liquidity and outlook, which may constitute forward-looking statements and are subject to the risk that the actual impact may differ, possibly materially, from what is currently expected. Except as required by law, Newmark undertakes no obligation to update any forward-looking statements. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see Newmark’s Securities and Exchange Commission filings, including, but not limited to, the risk factors and Special Note on Forward-Looking Information set forth in these filings and any updates to such risk factors and Special Note on Forward-Looking Information contained in subsequent reports on Form 10-K, Form 10-Q or Form 8-K.