JV BUYS MAJORITY INTEREST IN 1.4M SF PITTSBURGH SHOPPING CENTER
PITTSBURGH — A joint venture between BIG Shopping Centers USA and M&J Wilkow has purchased the majority of the retail space at the Waterfront, a 1.4 million-square-foot open-air shopping center in suburban Pittsburgh. The companies bought a total of 765,000 square feet of the Waterfront, which includes the anchoring AMC Loews Theater. The sales price is a reported $110 million. Lowe's Home Improvement, Target, Giant Eagle, Macy's, Costco and several outparcels were not included in the sale. The new owners have planned some improvements for the property. The Waterfront, located on the former site of U.S. Steel's Homestead Steel Works, is the region's second largest shopping center.