New owner plans to revitalize Heights Plaza in Harrison

The new owner of Heights Plaza says it will revitalize the long-troubled Harrison shopping center and add several new tenants by the end of the year.

Benbrooke Realty Investment Co., a New York-based real estate manager, announced Thursday that it recently finalized its ownership arrangements for the nearly 30-acre shopping plaza.

Benbrooke describes itself as an umbrella organization for numerous partnerships and operating companies involved in varied portfolio management and value creation strategies in commercial real estate markets along the eastern seaboard and in Texas.

Property management services are provided by Pretium Property Management. An affiliate of Benbrooke, Pretium was the receiver appointed by an Allegheny County judge in 2018 to take over operation of the plaza after previous owner Wild Blue Management defaulted on its mortgage.

According to Allegheny County real estate records, four parcels comprising Heights Plaza sold in March for $8 million. They have a combined assessed value of $7 million.

Wild Blue Management bought them in 2003 for $20.5 million, according to Allegheny County records.

Improvements planned

Benbrooke said its plans for the plaza include new parking lots, new signage and upgrades to the plaza’s facade. It is pursuing a mix of national, regional and local retailers to fill vacant spaces.

The firm says its goal is to “redevelop, reposition and re-lease the property with retail and service tenants to create a cross-shopping experience for the Natrona Heights community and Upper Allegheny Valley region.”

“This is our model at Benbrooke — we identify multi-tenant commercial properties that are primed for redevelopment, and we invest our resources into creating a better experience for tenants, consumers and the community,” said Richard Lubkin, principal of Benbrooke, which is headquartered in White Plains, N.Y. “We’ve assembled a fantastic collection of professionals across the region and are well-capitalized to make our plans for this property become a reality.”

Harrison Commissioner Chuck Dizard noted that the plaza had once been the commercial center of Natrona Heights.

“Although the days of major retail stores are long gone, the new owners are committed to restoring Heights Plaza to a center-of-town hub of commercial and human services activities,” Dizard said. “With new signage and physical plant improvements, Heights Plaza again can be a source of public pride, a destination for neighboring communities, and make an important economic contribution to our community.”

State Sen. Lindsey Williams, who has had an office in Heights Plaza for two years, said she is pleased to see that the revival is underway.

“Heights Plaza has great potential to be another destination spot along the Allegheny River,” she said. “The revitalization of the plaza will provide for another anchor location for residents near and far to work, dine, shop or seek care along our river valley communities.”