Cypress Equities, a real estate development company, has been chosen to spearhead the revitalization of Monroeville Mall in Pittsburgh’s eastern trade area. The property was recently sold by Tennessee-based CBL Properties for $34 million in an all-cash deal to an undisclosed buyer. JLL represented CBL Properties in the transaction while CBRE’s Tom Flynn acted as the buyer’s representative.
The sale included both the main mall building and its annex, according to a report by Pittsburgh Business Times. The 1.2 million-square-foot property is situated on 186 acres along Highway 22, a highly trafficked commercial corridor.
Under Cypress Equities’ management and leadership, Monroeville Mall will undergo redevelopment into a new retail and commercial destination. “We are thrilled to take on this transformative project and bring fresh ideas to Monroeville Mall,” stated Chris Maguire, CEO of Cypress Equities. “Our goal is to create an energetic and dynamic space that serves the community while also driving economic growth for the region.”
This news was originally reported by Connect CRE.
