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Jul. 3, 2013

WP Realty Acquires Parkway West Retail Center for $16.8M

By Adriana Pop, Associate Editor

WP Realty of Bryn Mawr, PA has acquired the Plaza at the Pointe, a 149,016-square-foot shopping center located in Pittsburgh’s Robinson Township. The Pittsburgh Business Times reports that US Bank sold the property for $16.8 million.

Built in 1998, the multi-tenant retail center is anchored by Bed, Bath & Beyond, Old Navy, La-Z-Boy, and Party City and includes a compelling mix of national and regional retailers among its tenants.

Latitude 40, a recently redeveloped 60,000-square-foot entertainment complex, is the property’s shadow anchor. Another 21,556-square-foot portion of anchor space is currently available for lease, WP Realty announced.

The Plaza at the Pointe’s previous owner was Costa Land Co. One of the company’s affiliates purchased the property in 1999 for more than $19 million.

In other news, Craig Cozza, principal of Cozza Enterprises, LLC is planning to build its fourth Pro Bikes store near North Park. According to the Pittsburgh Business Times, the development of the 12,000-square-foot facility entails an investment between $1 million and $1.5 million.

The project will include a lifestyle store that will cater to runners and walkers alike, as well as a farm-to-table restaurant and a frozen yogurt place.

Cozza has partnered with architect Fabo Enterprises Inc. of Cleveland to develop the new building. Construction is expected to begin in July and wrap up by the end of the year.

The company operates three other Pro Bikes stores, which are located in Squirrel Hill, Bethel Park and Monroeville.

Photo credits: www.costalandco.com

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