McKnight-Seibert shopping center sold
A shopping center along McKnight Road in Ross has been sold for $20.05 million, the second major sale of its kind in the past month.
The McKnight-Seibert Shopping Center, at the intersection of McKnight and Seibert roads, was purchased by First Washington Realty Inc. of Bethesda, Md.
The sale follows the acquisition in December of the Northway Shoppes by Levey & Co. of Akron, Ohio, for $12 million.
“The purchase of McKnight-Siebert is our first real estate purchase in the Pittsburgh region,” said Bill Wolfe, First Washington president. “We have been looking at the center for some time and finally were able to negotiate a sale.”
The sellers are G-C Partners and M-S Partners Ltd., both of Pittsburgh. G-C Partners is headed by Thomas McCargo of Graham Realty Co. in Sewickley. McCargo could not be reached for comment.
Shopping centers along McKnight Road are attracting out-of-town investors because of the area's increasing population and Ross Park Mall, said Herky Pollock, executive vice president, CBRE Pittsburgh, the region's largest commercial real estate firm.
“Given the success of Ross Park Mall, bolstered by Nordstrom's, Crate & Barrel, Cheesecake Factory, Tiffany's and many other tenants, coupled with the tremendous residential growth in the North Hills, McKnight Road corridor has experienced unprecedented retail rental rates for our region,” he said.
Further, given its success, the corridor has attracted the attention of many out-of-market developers and retailers. It has truly been a remarkable success story for our retail landscape, said Pollock, who developed the building at McKnight-Seibert across from the shopping center that now houses Mattress Firm, Sports Clips, European Wax Center and Liberty Tax.
“The traffic volume created by Nordstrom's and the other quality tenants at Ross Park Mall, our only high-end mall, is one reason out-of-town investors are looking at the McKnight Road retail,” said Gary Wilson, prinicipal, Langholz Wilson Ellis, a commercial real estate firm in Pittsburgh.
First Washington's Wolfe said his company, which owns properties in other cities, is a long-term investor which tends to retain its properties. At this time, no plans have been made for any changes or renovations at the McKnight-Seibert center, he said.
“We will handle the management and leasing at the center from our Bethesda office,” he said.
McKnight-Seibert has about 24 tenants, including Walgreen's, Sprint, the UPS Store, Jenny Craig Weight Loss, Oreck Clean Home Center and West Marine. Among its restaurants are Starbucks, Brugger's and Italian Village Pizza.
Although there are no imminent purchases planned, Wolfe said his firm is interested in acquiring other shopping centers in the region.
Levey & Co. also has a sales agreement to purchase the adjacant vacant Northway Elementary School from the North Hills School District for $2.46 million.
No definite plans for the Northway Shoppes or school have been announced except Levey plans to demolish the school and integrate the site into its development plans.
The McKnight-Seibert purchase, completed Dec. 13, will mean $200,000 in real estate transfer taxes for the state and $100,250 each for Ross Township and the North Hills School District.
Sam Spatter is a staff writer for Trib Total Media. He can be reached at 412-320-7843 or email@example.com.