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Frazer retail center sold to Bryn Mawr company

Erica Dietz | Valley News Dispatch
The Village at Pittsburgh Mills, next to the Pittsburgh Mills mall in Frazer, recently was sold. Thursday, July 3, 2014.

Saturday, July 5, 2014, 1:26 a.m.
 

The Village at Pittsburgh Mills in Frazer has been sold to a Bryn Mawr company, according to Allegheny County deed and property assessment records.

VPM Associates purchased the 7-acre parcel that includes buildings on both sides of Pittsburgh Mills Boulevard for $32.28 million in June from Pitt Village LP, which is a joint venture between George D. Zamias and James Brumbaugh, a private investor from Fox Chapel.

Joseph Anthony, president and CEO of Zamias Associates, referred to the sale as “a group of investors has purchased a majority interest in Pitt Village.”

Zamias remains a partner and is handling the leasing and management, Anthony said.

No one from VPM Associates could be reached for comment.

David Goldstein, president of VPM, Inc./VPM Associates, LLC signed the deed. The company shares an office with WP Realty in Bryn Mawr. No one at that office returned calls seeking comment.

VPM is identified as a Delaware limited liability company. Delaware records show that VPM Associates, LLC was incorporated there on April 16.

Frazer and the Deer Lakes School District each stand to receive about $161,000 in realty transfer tax revenue, according to the deed records.

Anthony said he doesn't expect any changes by the new owner because the Village at Pittsburgh Mills is fully leased and its tenants are making good sales.

The shops include retailers such as Best Buy, PetSmart, Dollar Tree, Michaels, Sonic Drive-In, Famous Footwear and Office Max.

The plaza opened in 2007.

Zamias Services Inc. of Johnstown put it up for sale in 2012 for $32.9 million.

Although Zamias was the original developer of the Pittsburgh Mills shopping complex, it later included the Mills Corp. of Arlington, Va., as a major venture partner. Zamias kept 25 percent of the development.

Later, when Mills Corp. got into financial trouble, it sold its share to Zamias, who is the current owner of the Pittsburgh Mills mall.

Jodi Weigand is a staff writer for Trib Total Media. She can be reached at 724-226-4702 or jweigand@tribweb.com. Staff write Sam Spatter contributed.

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