Walmart Buys Pittsburgh Mall
The property traded at an 86 percent discount.
CBL Properties has sold Monroeville Mall and its Annex in Monroeville, Pa., for $34 million. Walmart bought the retail assets totaling 1.2 million square feet, according to CBS News. JLL worked on behalf of the seller, while CBRE Senior Vice President Tom Flynn represented the buyer.
CBL used approximately $7.1 million of the net proceeds to lower the outstanding principal of its outparcel and open-air center loan to $333 million. The deal enabled the release of a collateral parcel.
The retail center traded at an 86 percent discount from its previous sale. CBL had acquired the shopping mall in 2004 for $231.2 million and the transaction included the assumption of a $134 million fixed-rate, non-recourse loan, The Chattanoogan reported at the time.
Redeveloping Monroeville Mall
Monroeville Mall and the adjacent Annex cover an 185-acre site at 200 Mall Circle Drive, just off U.S. Route 22 and close to Interstate 376. Downtown Pittsburgh is less than 13 miles west.
The mall’s roster includes Barnes & Noble, Claire’s, Forever 21, Macy’s, H&M and JD Sports, among others. The Annex has Going Going Gone, Guitar Center, Full Throttle Adrenaline Park and several other retailers as tenants.
Walmart has selected Cypress Equities to manage the property and spearhead its redevelopment into a new retail and commercial destination adapted to the shoppers’ 21 century needs. The last time Monroeville Mall underwent renovations was in 2003, when $10 million contributed to upgrading its decor, as well as installing air chillers.
In 2025, the retail sector is expected to continue the transformation brought about by last years’ trends. Experiential retail and high-quality real estate remain the main drivers for enhancing in-person shopping, as well as reducing vacancies.
You must be logged in to post a comment.