East Huntingdon shopping center sold
Summit Ridge Shopping Center has a new owner who may be planning an upgrade of the East Huntingdon center to include landscaping and improved lighting.
Also known as Summit Plaza, or Wal-Mart Center, the 224,700-square-foot complex was purchased for $20 million by Slate Properties LLC, based in Toronto, Canada.
The full name of the buyer, according to a news release issued by Slate, is Slate U.S. Opportunity (No. 1) Realty Trust, which indicates that other investors may be involved.
A deed filed in the Westmoreland County Recorder of Deeds office listed the seller as Hauck Holdings Ltd. of Cincinnati.
“Slate is expected to make improvements at the center and in its operation,” said Joe Petak, managing director of asset services for CBRE Inc., a commercial real estate company hired by Slate in Pittsburgh.
Slate had been looking for investment opportunities in Southwest Pennsylvania for the past 18 months, Petak said.
Slate owns the Kennywood Shops in West Mifflin and Field Club Commons, a shopping center in New Castle, Petak said.
The Westmoreland County center is fully occupied, with Wal-Mart as the major anchor tenant.
It has 13 retailers, which occupy about 42,500 square feet of space, while Wal-Mart has a 185,829-square-foot, full-service grocery store, among other offerings, according to Slate.
Other tenants include Fantastic Sam's, Fashion Bug, Bath & Body Works, JoAnne's Hallmark and Aaron's Rentals.
Wal-Mart opened in 1999 at the center, which in 2000 obtained $12.78 million in permanent financing through the former Laureate Capital LLC, now known as Grandbridge Real Estate Capital. The loan was provided by Canada Life Assurance Co.
The Slate trust was established to acquire and lease a portfolio of diversified revenue-producing commercial real estate properties in the United States with a focus on anchored retail properties.
Sam Spatter is a Trib Total Media staff writer. He can be reached at 412-320-7843 or firstname.lastname@example.org