New Jersey firm buys Penn Hills Center 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.