Owners pledge to revitalize Century III
One of the new owners of Century III Mall emphasized his firm's commitment to the community when he joined other business and civic leaders at Friday's Mon Yough Area Chamber of Commerce legislative breakfast.
“We are committed to giving the mall back to the community so they can bring their children for an experience that is more than a shopping experience,” said Shawl Pryor, senior vice president of Moonbeam Capital Investments LLC.
Pryor said his company on Monday afternoon closed a $10.5 million deal with C-III Capital Partners LLC of Irving, Texas, for the 86.75-acre property.
“Moonbeam Capital is committed to providing our retailers and customers a comfortable, pleasant shopping experience,” Pryor said.
“We're extremely pleased with Moonbeam,” Mayor Chris Kelly said. “We expect that Century III will be the showplace of the South Hills once again.”
In 2011, C-III bought the mall for $1 from Simon Property Group, which had done business since 1986 as Century III Associates.
The move followed Simon's voluntary default on $78.97 million in debt on the 34-year-old, 1.3 million-square-foot mall.
C-III turned over management of the mall to Jones Lang LaSalle Retail.
“We are the nation's largest real estate management company,” JLL vice president and regional marketing manager Carol O'Grady said in a 2011 interview. “We (handle) third-party management only for shopping centers. We do not own any of (those) properties. We service the client and owner of the property.”
Pryor commended Kelly and borough manager Brian Kamauf for their efforts.
“I've been working on this project for three years,” the mayor said. “I worked very closely with Jones Lang LaSalle.”
Pryor said it usually takes about 90 days to review a market.
“It was a little different for the Century III Mall,” the Moonbeam executive said. “Century III Mall had some life in it. We saw huge potential to revitalize the Century III Mall.”
Pryor sees the mall as a center of attention between the Waterfront and South Hills Village. It sits in the midst of a retail area that includes Century Square and Southland shopping center and a Walmart.
C-III was known on the Allegheny County real estate web site as JPM 2002 C2 3075 Clairton Rd Fee LLC. The mall's address is 3075 Clairton Road.
The mall's taxable value remains in question. Allegheny County previously assessed the property at $27 million — but Moonbeam inherited the JLL appeal of a $130 million reassessment.
“The appeal is still pending,” Pryor said.
Simon also owns Ross Park Mall and South Hills Village. The company's 2010 report to investors said those malls had better than 94 percent occupancy, while Century III was down to 76.1 percent.
Century III is Moonbeam's first acquisition in the Pittsburgh market.
Pryor believes his company can overcome “the lack of attention given to the mall by our predecessor.” He hailed the decision of anchors Macy's, JC Penney, Sears and Dick's Sporting Goods as well as other national chains to stay at the facility.
“There was something about Century III Mall that kept those tenants there,” Pryor said.
Moonbeam also has malls in Burlington County, N.J., outside Philadelphia; suburban Orlando, Fla.; Baton Rouge, La.; Marshalltown, Iowa, 45 miles northeast of Des Moines; Marion, Ind., about 20 miles southwest of Fort Wayne; and Greeley, Colo., about 40 miles north of Denver.
Staff writer Eric Slagle contributed to this story. Patrick Cloonan is a staff writer for Trib Total Media. He can be reached at 412-664-9161, ext. 1967.
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.
- Special events planned as part of Kennywood’s 2015 season
- No apology coming for Steel Valley teachers
- Some ONE Homestead housing units almost ready for occupancy
- Allegheny County reiterates support for Pangburn Hollow overhaul
- Elizabeth Forward honors 6 for state Special Olympics medals
- Old New England Elementary School sale approved by West Mifflin Area board
- Political signs line Mon-Yough streets at election time
- Sexting allegations land S. Allegheny teacher in jail
- TreeVitalize spruces up McKeesport’s Seventh Ward
- Greenock kids learn 3 R’s of Earth Day
- McKeesport to get overhaul via 9 beautification projects