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Aztec Acquires 501 Technology Drive in Canonsburg

Mexico City-Based Equity Fund Enters Pittsburgh Market with 98,000-SF Office Bldg. Purchase
February 9, 2018
The Aztec Fund, a private Mexico City-based equity fund that invests in commercial properties in the U.S., acquired the 98,314-square-foot 501 Technology Drive office building in Canonsburg, PA from Los Angeles-based investor Laurus Corp. for an undisclosed price. This acquisition marks as Aztec’s initial entry into the Pittsburgh market.

“Demand in this area is competitive, and the buyer was able to tap into a premier submarket [Washington County submarket],” noted Andres Szita, chairman of Laurus Corp. “With a tactical renovation and reformulation of leasing strategy, Laurus was able to fully stabilize the asset as a Class A suburban office building.” The seller acquired the property in 2012 for $13.7 million, according to CoStar data.

At the time of the sale, the three-story property was fully leased by a diverse mix of tenants, including Primetals Technologies and Siemens.

Built in 2000, 501 Technology Drive is situated on an 8.5-acre site within the Soutpointe Office and Industrial Park. The park, located south of Pittsburgh’s CBD, is in close proximity to Interstate 79 and is 15 miles south of Pittsburgh International airport.

Mark Popovich and Nick Unkovic of Holliday Fenoglio Fowler, LP (HFF) brokered the deal on behalf of the seller.

Please see CoStar COMPS #4125563 for more information on this transaction.
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