Treetop Companies, a Teaneck-based real estate investment firm, announced a major expansion of its industrial holdings today with the acquisition of the Pittsburgh Logistics Center for $32 million.
The transaction, which closed on October 20, 2025, sees Treetop take control of the 515,411-square-foot multi-tenant warehouse located in Cheswick, Pennsylvania. Acquired at a compelling price of $62 per square foot—a substantial discount to replacement cost—the property is a key strategic addition to Treetop’s growing logistics platform in the Pittsburgh metropolitan area.
The Pittsburgh Logistics Center sits on 43 acres and is currently 87% leased to a diversified roster of national and regional tenants, including BFG Supply, ABC Supply, and Dunn Tire.
Doubling down on the Pittsburgh market
The acquisition is Treetop’s second major industrial purchase in the region this year, coming just six miles from its recently acquired Alpha Logistics Center. With this latest deal, the company now controls more than 840,000 square feet of industrial space in the Pittsburgh MSA.
“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.
Treetop’s strategy is built on capturing significant upside in a market characterized by strong fundamentals:
- Low Vacancy: The Pittsburgh MSA has industrial vacancy rates below 5%.
- Limited Supply: Minimal new industrial construction is expected in 2025, driving up demand for existing space.
- Strategic Location: Pittsburgh remains a vital logistics hub, situated within 500 miles of 50% of U.S. companies and half the U.S. and Canadian populations.
The market’s importance is further bolstered by large-scale investments in technology and industrial infrastructure, reinforcing Treetop’s focus on areas poised for outsized growth.
Immediate upside and expansion potential
The company sees multiple avenues for generating value from the property. In addition to securing strong in-place cash flow from the existing, long-tenured tenants, Treetop is actively negotiating a 10-year lease for the remaining 66,000 square feet and the 2.5-acre Industrial Outdoor Storage (IOS) parcel.
The property also features significant long-term potential, including the capacity for an expansion of up to 209,000 square feet on the site. Furthermore, Treetop expects to capture additional income as several existing leases—currently below market rates—are renewed, offering future mark-to-market opportunities.
Adam Mermelstein, managing partner of Treetop Companies, noted that this achieved scale improves operational efficiency and “positions us to access the institutional buyer pool that traditionally pays a premium for large portfolios,” aligning with the firm’s national industrial growth strategy.
