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Cypress Equities to Lead Redevelopment of Mall Near Pittsburgh
Cypress Equities will lead the redevelopment of Monroeville Mall, a significant commercial hub in Pittsburgh’s eastern trade area.
Tennessee-based CBL Properties recently sold the property to an undisclosed buyer for $34 million in an all-cash deal. CBL Properties was represented in the transaction by JLL, and CBRE’s Tom Flynn represented the buyer.
The sale included both the main mall building and its annex, reported the Pittsburgh Business Times. The 1.2 million-square-foot property sits on 186 acres fronting Highway 22, a dense, major commercial corridor.
Cypress Equities will manage the property on behalf of the buyer and lead the efforts to redevelop Monroeville Mall into a new retail and commercial destination. “We are excited to embark on this transformative project and bring a new vision to Monroeville Mall,” said Chris Maguire, CEO of Cypress Equities. “We believe this redevelopment will create a vibrant and dynamic destination that serves the community and drives economic growth in the region.”
