Arctaris Impact Investors Successfully Exits Investment Following the Renovation and Recapitalization of the Industrial Facility; Consumer Fresh Produce Will Reopen Facility in Braddock, PA, Bringing New Jobs to the Community
BRADDOCK, PENNSYLVANIA / ACCESS Newswire / April 23, 2025 / Arctaris Impact Investors, LLC ("Arctaris Impact"), a national impact investment firm with 15 years of experience in underserved communities, announced today the sale of a specialty manufacturing and cold storage facility located in an Opportunity Zone in Braddock, Pa. Arctaris originally invested in the vacant facility in July 2024 alongside RDC, a Pennsylvania-based developer, with the goal of renovating the state-of-the-art facility to a tenant that would bring jobs to the region. The buyer, Consumer Fresh Produce ("Consumer Produce"), a Pittsburgh produce distributor, intends to reopen the facility bringing approximately 50-100 new jobs to Braddock.
The facility was originally built for a vertical farming business which abruptly closed in late 2022, resulting in the loss of over 40 jobs in Braddock, a steel production hub outside Pittsburgh with poverty rates well above the county average. Seeing the value of the facility and importance of bringing jobs back to Braddock, Arctaris invested to convert the space to a general industrial and food processing facility with cold storage capabilities and recapitalize out debt. To help attract a tenant, Allegheny County pledged another $1 million in economic development funds toward facility renovations. With renovations complete and the additional capital pledged, Consumer Produce purchased the facility in March, 2025 with plans to use the facility as a cold storage and distribution hub.
"We anticipate that Consumer Produce will be an important partner in the revitalization of the broader region by creating jobs and helping to provide necessary food storage for the region," said Andrew Gibbs, Principal, Arctaris Impact Investors. "Our team is committed to doing challenging, impactful investments in underserved markets like Braddock because we recognize the longer-view opportunities in communities that others typically overlook. We have learned over time that these deals require the participation of many different local actors from community leaders to other financial partners like the Richard King Mellon Foundation, Allegheny County, and Erie Insurance whose capital is necessary to make these transactions work for all stakeholders."
The transaction was made possible, in part, by the Richard King Mellon Foundation that awarded Arctaris $4 million of catalytic capital to Arctaris in 2021 to seed a $20 million Opportunity Zone investment program to create jobs in economically distressed communities in Allegheny and Westmoreland Counties.
Arctaris' investment was also made in partnership and partially through a multimillion-dollar commitment from Erie Insurance (ERIE). Based in Erie, Pa., ERIE invested in the Braddock project as part of a $20.5 million social impact commitment made to fund companies and development projects in underserved communities within the company's footprint. ERIE and Arctaris have also partnered together to invest in social impact projects in Baltimore, Lima, Ohio, Pittsburgh and Washington, D.C.
Arctaris' Broader Community Impact in the Pittsburgh-Region
This investment marks the second in Arctaris' $20 million program in Allegheny and Westmoreland Counties. Previously, in October 2021, Arctaris invested in S&K Holdings, Inc. ("S&K"), a home healthcare company that provides personal care services for the elderly and disabled with operations in Maryland, New Jersey, Pennsylvania, Virginia and Washington, DC. Working in coordination with its Opportunity Zone program partners, Erie Insurance and the Richard King Mellon Foundation, the Arctaris investment allowed S&K to expand its footprint in Pittsburgh's Allegheny County and Altoona's Blair County, providing access to healthcare for local residents and medical career paths for S&K employees. Arctaris expects to announce a suburban revitalization, workforce housing project in the Pittsburgh region later this year to mark its third community impact investment in the area.
"At Arctaris, we recognize that effective community redevelopment requires a holistic, multifaceted approach that reflects the needs of the community. The Braddock investment is part of our strategy to invest in multiple community development verticals including operating companies, industrial facilities, and residential housing," said Nihar Sait, Managing Director and Head of Real Estate at Arctaris.
About Arctaris Impact Investors, LLC
Arctaris Impact Investors LLC is a national impact investment firm with more than 15 years of experience. The firm manages funds investing in growth-oriented operating businesses, real estate and community infrastructure projects in underserved communities. Founded in 2009, Arctaris Impact has partnered with the Kresge Foundation, Harvard Business School Professor Michael Porter's Initiative for a Competitive Inner City and multiple foundations, federal and state government agencies to invest in Opportunity Zones, inner cities and targeted rural communities throughout the U.S.
Contact: Cindy Stoller, 917-331-0418, cstoller@confluencepartners.com
Legal Disclaimer Certain information contained in this press release constitutes forward-looking statements. These statements reflect prevailing conditions and Arctaris' best business judgment as of the date of issuance. As a result, actual results may vary from the projections and should not be relied upon as investment advice. There is no guarantee that the partners mentioned will participate in any future Arctaris investments.
Contact Information
Cindy Stoller
Managing Director
cstoller@confluencepartners.com
917-331-0418
SOURCE: Arctaris Impact Investors
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