ShareThis Page
Penn Hills

New Jersey firm buys Penn Hills Center for $18 million

Dillon Carr
| Monday, Feb. 19, 2018, 11:21 a.m.
The Penn Hills Center mall along Rodi Road was sold to a New Jersey firm in January for $18 million.
The Penn Hills Center mall along Rodi Road was sold to a New Jersey firm in January for $18 million.

The Penn Hills Center along Rodi Road was sold for $18 million to a New Jersey investment firm after being on the market for less than a year.

First National Realty in Aberdeen, N.J., bought the nearly 277,000 square foot shopping center in January, according to Allegheny County real estate records.

Pittsburgh's First City Company, center owner since the late 1970s, listed the property in June for $22.3 million. According to the company's information on the property, the center has nine of its 55 spaces available for rent.

Representatives from First City Company were not immediately available for comment.

Anthony Grosso, co-founder and managing principal at First National, said the Penn Hills Center is the first property the company has owned in the Pittsburgh area, but the investment firm is looking to buy others.

“We like Pittsburgh overall — especially with all the tech stuff going on. If we can find more deals in the service-based retail, we'll be very active in the market,” he said. “These types of centers, in my opinion, thrive for a very long time.”

Grosso said his firm plans cosmetic work in the next few months, things like painting signs, improving landscaping and making parking lot repairs. He said its tenants, which include Aldi, Big Lots, Dollar Tree and the U.S. Postal Service, will not be affected by the acquisition.

“The tenants are strong and they serve the community well. Hopefully, we can work to keep everybody happy there,” Grosso said.

Dillon Carr is a Tribune-Review staff writer. Reach him at 412-871-2325, or via Twitter @dillonswriting.

TribLIVE commenting policy

You are solely responsible for your comments and by using 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.

click me