NORTH FRANKLIN TOWNSHIP, PA. — A partnership between Los Angeles-based Industrial Realty Group (IRG) and Cleveland-based PREP Funds has acquired Washington Crown Center, a 450,000-square-foot mall near Pittsburgh, with plans to undertake a redevelopment.
As reported by regional media outlet Observer-Reporter, as well as several other media sources, IRG and PREP Funds are jointly investing $40 million for the transformation of the former mall into a mixed-use hub for retail and business that will be called Franklin Crossroads Park. In addition, according to Pittsburgh Business Times, New York-based Kohan Retail Investment Group originally purchased the mall for $20 million in 2016 and began marketing the property for sale in 2024.
Construction of Franklin Crossroads Park, which is situated 30 miles south of Pittsburgh in Washington County along I-70, is set to begin this fall. Meanwhile, a portion of the mall will remain open through the end of the year.
“Our vision is to diversify the site’s use by attracting new retailers and businesses to the property,” says Chris Salata, partner at PREP Funds. “This adaptive reuse project will significantly improve the facility and bring new economic activity.”
Redevelopment plans for Franklin Crossroads Park currently call for the creation of a 100,000-square-foot retail center on the eastern side of the property, where existing and future tenants will face I-70 for visibility and convenience. On the western side, 350,000 square feet of formerly vacant retail space will be transformed into a business park that will be able to accommodate a mix of office, industrial or life sciences tenants.
Spaces will also be customizable for corporate users with regard to loading docks and buildout packages.
“The development will transform the property to meet the changing needs of modern businesses and drive long-term growth and prosperity for the area,” says Peter Goffstein, executive vice president of IRG.
The first retail tenants are projected to move in early next year, while the business tenants are expected to arrive in late spring or early summer of 2026.
Industrial Realty Group (IRG) operates a portfolio comprising more than 150 properties in 31 states, with approximately 100 million square feet of rentable space.
Founded in 2020, PREP Funds targets specific property types and investment strategies, such as value-add redevelopment and repositioning projects in sectors like industrial, retail and healthcare.
— Abby Cox