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 email@example.com
Show commenting policy
TribLive commenting policy
You are solely responsible for your comments and by using TribLive.com you agree to our Terms of Service.
We moderate comments. Our goal is to provide substantive commentary for a general readership. By screening submissions, we provide a space where readers can share intelligent and informed commentary that enhances the quality of our news and information.
While most comments will be posted if they are on-topic and not abusive, moderating decisions are subjective. We will make them as carefully and consistently as we can. Because of the volume of reader comments, we cannot review individual moderation decisions with readers.
We value thoughtful comments representing a range of views that make their point quickly and politely. We make an effort to protect discussions from repeated comments either by the same reader or different readers.
We follow the same standards for taste as the daily newspaper. A few things we won't tolerate: personal attacks, obscenity, vulgarity, profanity (including expletives and letters followed by dashes), commercial promotion, impersonations, incoherence, proselytizing and SHOUTING. Don't include URLs to Web sites.
We do not edit comments. They are either approved or deleted. We reserve the right to edit a comment that is quoted or excerpted in an article. In this case, we may fix spelling and punctuation.
We welcome strong opinions and criticism of our work, but we don't want comments to become bogged down with discussions of our policies and we will moderate accordingly.
We appreciate it when readers and people quoted in articles or blog posts point out errors of fact or emphasis and will investigate all assertions. But these suggestions should be sent via e-mail. To avoid distracting other readers, we won't publish comments that suggest a correction. Instead, corrections will be made in a blog post or in an article.
- LaBar: Best next opponent for Brock Lesnar
- Rossi: Baseball needs a new schedule
- Pirates rout Cardinals to keep things interesting in NL Central
- Rams take down TJ in season opener
- Pirates reliever Liz new, improved
- Steelers remain confident in defense
- Ford City Express may be back on track by Christmas
- Penn State Greater Allegheny welcomes return of bus route to campus
- Pirates notebook: Burnett continues to progress, amps up to 95-pitch simulated game
- Police seek leads in shooting of teen in East Liberty
- Berry wins Steelers’ punting job; Wing traded to Giants