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Century III apparently sold to Las Vegas company

Century III apparently sold to Las Vegas company

By Eric Slagile

Tribune-Review
May 17, 2013

Century III Mall in West Mifflin appears to be under new ownership.

Moonbeam Capital Investments LLC of Las Vegas is posting on its company website that it owns the mall. The more than 30-year-old facility has been under the management of Jones Lang LaSalle Retail since 2011.

Prior to that it was owned by Simon Property Group, which voluntarily defaulted on $79 million in debt it owed on the mall, which it had purchased in 1996.

There is no word yet on how much Moonbeam is paying for the property built on old slag heaps between the Allegheny County Airport and Pleasant Hills. The transaction was not reflected on the Allegheny County property assessments website.

Moonbeam officials could not be reached for comment.

The property value for the mall was at $27 million in 2012. Following the 2013 reassessment by the county, its estimated taxable value soared to $134 million, an amount that has been under appeal by JLL.

West Mifflin borough manager Brian Kamauf said Moonbeam executives met with borough officials on Wednesday to discuss their plans for the facility.

“They have a positive outlook on it,” Kamauf said of the new owners. “They believe they can revitalize it and they've done that with other properties.”

According to the company's website, Moonbeam owns six other malls, 14 shopping plazas, four office buildings, three apartment buildings and one hotel.

The website notes that Century III Mall is the fourth largest mall in the Greater Pittsburgh Area, has national tenants and a large consumer base.

Kamauf said the new owners discussed their plans to market and improve the mall. Kamauf said the purchase price of the mall and its tax status were not discussed at the meeting.

“They wanted to have an opportunity to sit down with the local officials and give us their plans,” Kamauf said.

West Mifflin Councilman Robert Kostelnik said he first heard about the pending sale last week and is excited about it.

Kostelnik, who works for the Allegheny County Department of Court Records, said there was no record of a deed transfer for the property as of Thursday but said he sees as a good sign that Moonbeam has announced its ownership of the property online.

“The paperwork hasn't been done yet,” the councilman concluded.

In other real estate news from the borough, workers began surveying the old LaFarge North America property off Buttermilk Hollow Road on Thursday. The borough has been looking to develop a soccer complex on the land for about 20 years but the project has seen delays related to environmental permitting and property issues.

The borough acquired a $154,000 state Department of Conservation and Natural Resources grant several years ago to develop the site.

Eric Slagle is a staff writer for Trib Total Media. He can be reached at 412-664-9161, ext. 1966, 

Slagle, E. (2013, May 17), Century III apparently sold to Las Vegas company, Tribune-Review, (May 17, 2013), http://triblive.com/neighborhoods/yourmckeesport/yourmckeesportmore/4033766-74/mall-property-moonbeam#axzz2Ta3aHCZA