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South Hills Village owner buys former Boscov's site

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Saturday, Sept. 18, 2010
 

A former Boscov's department store at South Hills Village has been sold for $8 million to Simon Property Group of Indianapolis, which owns the rest of the mall in Upper St. Clair.

The sale may determine whether two retailers -- Dick's Sporting Goods and Target -- lease space in the building, with Target taking the lower level and Dick's the upper two floors.

Local real estate agents have said the two retailers are interested in the store.

Simon Property Group spokesman Les Morris confirmed the purchase Friday, but he declined say whether negotiations are under way with potential tenants.

Jeff Hennion, a Dick's spokesman, declined to comment on whether Dick's plans to relocate there from its current site behind the mall. Calls to Target, which previously said it was interested in the site, were not immediately returned.

Boscov's leased the three-story, 258,134-square-foot former Kaufmann's department store building after a financial partner purchased it for about $17 million in 2006 from Federated Department Stores, now Macy's.

Reading-based Boscov's operated at the South Hills Village location for about two years before closing both it and a store at the Monroeville Mall. The buildings have been vacant since 2008.

Boscov's still operates area stores at the Beaver Valley Mall in Monaca and Clearview Mall in Butler.

The South Hills Village building has been under the control of Gregory T. Maloney of Jones Lang LaSalle Americas Inc., who was appointed receiver for the property by Allegheny County Common Pleas Judge Paul F. Lutty Jr. Maloney signed the deed of sale filed yesterday in Allegheny County. Maloney could not be reached.

Court documents say CWCapital Asset Management LLC of Washington, D.C., asked the court to appoint a receiver after H&R Real Estate Investment Trust of Toronto defaulted on a $19.8 million mortgage. H&R owned the property and leased it to Boscov's, the documents stated.

 

 
 


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