$10M Paid for Historic Frank & Seder Store
Stark Enterprises has acquired the historic 203,643-square-foot former Frank & Seder department store in downtown Pittsburgh. The Cleveland, OH-based buyer paid $10.4 million to local seller Oxford Development Co. for the nearly 100-year-old building at 350 Fifth Ave. The transaction formally ended Oxford’s bid to build a new office tower on the site.
Instead, Stark unveiled plans to redevelop the asset into mixed-use retail and office. Tenant announcements are anticipated within the next few weeks, with renovation scheduled to begin in 2018. The plan is to lease 30,000 to 50,000 square feet to retail tenants, with the upper floors dedicated to office use. The development will be Stark’s first in Pittsburgh.
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