Joint Venture Acquires Interest in The Waterfront

by Nate Hunter

Pittsburgh — The Waterfront is a 1.4 million-square-foot, mixed-use development.

Pittsburgh  — Big Shopping Centers USA and M&J Wilkow Ltd. have entered into a joint venture to purchase a 765,000-square-foot portion of The Waterfront, a 1.4 million-square-foot development in Pittsburgh. The open-air center is situated on 265 acres along the Monongahela River seven miles from downtown Pittsburgh. The project is the region’s second largest shopping center, according to the companies. It is the former site of US Steel’s Homestead Steel Works, which was once the largest steel mill in the world.

The acquisition includes the power center, anchored by TJ Maxx, Dick’s Sporting Goods, Marshalls, Bed Bath & Beyond, Best Buy and Old Navy, in addition to the lifestyle component, which includes an AMC Loews Theatre. The retail portion is 90 percent occupied. In addition to the retail space, The Waterfront also includes 300 residential units, more than 600,000 square feet of Class A office space and three hotels.

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