We are pleased to announce the acquisition of the Penn Hills Shopping Center, a 276,000 square foot neighborhood retail center, for a purchase price of $18 million, approximately one-fourth of replacement cost. The asset is currently 93% occupied.
The thriving neighborhood retail center located at 230 Rodi Road in Penn Hills, Pennsylvania, a suburb of Pittsburgh, was well maintained and managed by the previous owner for over 40 years. FNRP plans to install hands-on management and leasing efforts and institute a significant capital improvement program.
The property serves the Penn Hills and greater Pittsburgh area market and is strategically positioned as the only destination, service based retailer in the local submarket. Current tenants include some of the most successful national and local businesses in the area. Tenants in the center include Big Lots, ALDI, the United States Postal Service, Dollar Tree, and many more.
Anthony Grosso, Co-Founder and Managing Principal of FNRP said, “We are excited about the Penn Hills Shopping Center acquisition. It is a great piece of real estate filled with necessity based retailers that serve the local community. We will be able to add significant value to the center through our proprietary hands on management process, but more than anything we got an incredible price for this asset.”
“We love the tenant mix and location of the Penn Hills Shopping Center. We are confident we will be able to serve the Penn Hills community for a very long time with this new acquisition,”said Chris Palermo, Co-Founder and Managing Principal.