Plaza's pending sheriff's sale a surprise to West Mifflin officials
By Patrick Cloonan
Published: Wednesday, Feb. 19, 2014, 4:26 a.m.
West Mifflin officials said they were surprised by news of the upcoming Allegheny County sheriff's sale of the 22-year-old Century Square shopping center.
“We just found out about it when they put the signs up,” borough community development director Walter B. Anthony said prior to Tuesday's borough council meeting.
“It is actually a mortgage foreclosure,” Councilman Robert Kostelnik told his colleagues. Kostelnik works for the county's Department of Court Records.
Mountainview Retail LP claims Century Square Improvements LP, owner of the 416,000-square-foot center at 2325-3505 Mountain View Drive, defaulted on $18.4 million in mortgage payments.
In a Dec. 4 writ of execution, Century Square Improvements was ordered to pay a judgment of $19.036 million, including the $18.4 million demand, interest, attorneys fees and miscellaneous costs.
The buildings of Century Square have an assessed value of $28.6 million, according to Allegheny County records, on lands that bring the total valuation to $40.49 million.
Those lands, covering 47.5 acres, are owned by Tech One Associates of Coraopolis.
Borough officials said Tech One is not affected by the sheriff's sale.
Signs announcing the March 3 sale were found on Tuesday night on two of the empty storefronts at the shopping center between Allegheny County Airport and Century III Mall.
One is a landmark of sorts that itself closed some time ago.
“Thank you West Mifflin for 22 wonderful years,” reads the marquee outside Century Square Cinemas and Maxi-Saver Theatres across the parking lot from the shopping center's strip mall, where a sign is posted on a vacant storefront between a UPMC clinic and Empire Beauty School.
The tenants are among those filling 65 percent of the space at Century Square. Major tenants include Levin Furniture, Planet Fitness, Dunham's Sports, Dollar Tree and Shop ‘n Save.
The impact on the borough and West Mifflin Area School District will come in tax collection. Anthony said the school district may take more of a hit because it has a business privilege tax that covers a percentage of sales while the borough has a flat $500 mercantile tax.
Newmark Grubb Knight Frank was hired to market the center. Previously, DLC Management of White Plains, N.Y., managed it.
DLC and Tech One officials could not be reached for comment at presstime.
Patrick Cloonan is a staff writer for Trib Total Media. He can be reached at 412-664-9161, ext. 1967, or email@example.com.
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