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Bakery Square offers tenants an exciting lifestyle center environment in an affluent and densely populated location, with a new urban aesthetic that integrates historic architecture with new construction.
Well-positioned to draw on the nearby, desirable and well-educated neighborhoods of the East end, Bakery Square is also close to the city’s major economic engines – the universities, medical centers, and burgeoning technology and biotechnology industries. More than 350,000 people reside within 5 miles of the site, and three of the region’s top employers are within 2 miles – UPMC Hospitals, the University of Pittsburgh and Carnegie Mellon University. (Read about the demographic report and customer base.)
The mixed-use development is across the street from Mellon Park on Penn Avenue, and less than a block from the major urban commuting arteries of Fifth Avenue and Washington Boulevard.
Nearby, innovative retailers such as Whole Foods and Home Depot have established locations. Within the neighborhood, Walnut Street and Ellsworth Avenue in Shadyside are home to high-end fashion, antique stores, designer boutiques and major national retailers such as Ann Taylor, Williams & Sonoma, Pottery Barn, The Gap, Talbot’s, Banana Republic, Coach and Sephora. Additionally, Trader Joe’s has opened a new store directly adjacent to Bakery Square.
Ground Floor Retail
121,060 sq. ft.
41,550 sq. ft.
216,080 sq. ft.
Hotel – Marriott SpringHill Suites
932 garage | 99 surface
In 1918, East Liberty was a bustling urban neighborhood. The National Biscuit Company (Nabisco) chose this well-established transportation hub and vibrant marketplace for a new, generously sized manufacturing plant. For more than 80 years, the bakery perfumed the Pittsburgh neighborhood with the tantalizing scent of fresh bread and delicious snacks and employed well over 1,000 workers at a time.
Eventually, the bakery changed hands. Finally, it closed forever in 2004.
Today, it’s a fresh new era at the newly redeveloped “Bakery Square.” Purchased in 2006 by developer Walnut Capital, the site includes a thoughtfully engineered, LEED-certified renovation of the former factory, coupled with environmentally friendly new construction. The thriving mixed-use development offers office, retail, dining, a hotel and fitness center. Industry leaders in the fields of technology and health care – including Google, UPMC Technology Department Center, University of Pittsburgh Science and Technology/Veteran Affairs and Human Engineering Research Laboratories – have relocated to the site. Upscale retailers are opening as well including Anthropologie, Free People, Learning Express Toys, Panera Bread, Coffee Tree Roasters, Boxwood Flowers, Jimmy John’s Gourmet Sandwiches, Massage Heights, Verizon FIOS and more tenants to come! It seems the new mix at Bakery Square is definitely a recipe for success!
Nuts & Bolts
Location: Pittsburgh, PA
Size: 6 acres
Features: Proximity to Downtown; Universities & Medical Centers; Green Building
Owner: Walnut Capital and RCG Longview Fund
Usage: Retail: 137,000 sf
Office: 216,080 sf
Fitness: 41,550 sf
Hotel: 110 rooms
Parking: 932-garage/99 surface
Past Use: Nabisco Factory
Total Actual Cost: $135 million
1918: The National Biscuit Company (Nabisco) factory is built
1998: Nabisco Factory Closes
1999-2004: RIDC takes control of the building; various bakeries open but ultimately fail
2006: Declared, “blighted” by City of Pittsburgh
2007: DEP awards grant for environmental clean up; site remediation begins; Walnut Capital purchases the property; Construction begins
December 2009: University of Pittsburgh Sciences and Technology Center/Veteran Affairs opens
Spring 2010: Marriott SpringHill Suites, Anthropologie and Coffee Tree Roasters open
Summer 2010: Google office opens
Fall 2010: Boxwood Flowers and Gifts, Learning Express Toys, UPMC Technical Development Center and Verizon FIOS open
January 2011: Free People opens
June 2011: Human Engineering Research Laboratories, Jimmy John’s Gourmet Sandwiches, Massage Heights open
Summer 2012: Panera Bread opens
About Walnut Capital
Walnut Capital is one of Pittsburgh’s largest and fastest growing real estate management, development and brokerage companies. Since it’s inception in 1997, the firm has amassed a retail and multi-family residential property portfolio valued in excess of $150 million. We view ourselves as partners with our clients, our employees, our community and our environment. In all areas of business, the professionals at Walnut Capital are committed to innovation, excellence and 100% client satisfaction.
We are leaders in development and property management of residential communities, luxury apartments, townhomes and commercial real estate in various prime locations throughout downtown Pittsburgh, PA and surrounding communities. Walnut Capital has acquired extensive experience with redevelopment agencies and independent landowners. Tenants, partners and clients receive exemplary service in a quality home rental environment. This expertise defines our corporate identity. Bakery Square is a development of Walnut Capital and RCG Longview Fund.
Visit Walnut Capital’s website: walnutcapital.com
About RCG Longview
We are real estate owners and operators. Unconventional financing has not always been available in the market. In 1999, a group of real estate owners and investors recognized the need for — and the opportunity presented by this gap in the market. Thus Longview Funding and, subsequently in 2001, RCG Longview, L.P., were born. RCG Longview successfully adapts to fluctuations in the real estate market. To date, the Fund has placed more than $2.0 billion in smart money to work in the form of mezzanine, acquisition, construction, bridge and preferred equity investments. This translates to well in excess of $15 Billion in total capitalization of Real Estate.
Visit RCG Longview’s website: rcglongview.com