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Century III Mall changes hands

Century III Mall changes hands

By Paul J. Gough


Pittsburgh Business Times
May 17th, 2013

Century III Mall's new owners promise they're going to revive the West Mifflin shopping destination.

Moonbeam Capital Investments LLC bought the West Mifflin mall from C-III Asset Management of Irving, Texas, which had acquired the property from Simon Property Group after it put the mall into receivership in 2011. A purchase price couldn't immediately be determined, and C-III declined to comment about the transaction.

Moonbeam Capital Investments is based in Las Vegas and has properties all over the U.S.

Sandra O'Clock, vice president of special projects at Moonbeam Capital, said the deal closed on the evening of May 13, and she and another executive had just gotten back from a fact-finding trip to the Pittsburgh region.

"We're long-term investors, not looking to flip the project at all but instead seeing how we can make it better and turn it around to be the shopping hub that it was," O'Clock said Friday.

Those plans are still being determined, but it could include a revival plan for the mall that could "go beyond strict retail but still complement the area and its needs," she said.

The first few days of ownership included meeting with local officials, getting to know the community and interviewing for a new leasing company to help Moonbeam Capital Investments. Moonbeam plans to hire a new general manager, operations manager and marketing manager. Some office personnel were retained.

Century III is the third-largest shopping mall or center in the Pittsburgh region, according to the 2013 Pittsburgh Business Times Book of Lists. It has 1.2 million square feet in gross leasable retail space. Simon had put its ownership of Century III Mall into receivership in 2011, according to a previous story in the Pittsburgh Business Times. Century III has Sears, Macy's, Dick's Sporting Goods and American Eagle stores, among others.

Moonbeam Capital Investments owns properties all over the country, including The Shops at Pennsville Center in Pennsville, N.J.; the Key Bank Building in Akron, Ohio; Lake Park Tower in Cleveland, Ohio; and the Salem Consumer Square Shopping Center in Dayton, among others.

It's already received interest from a potential larger tenant. Through its ownership of other malls, Moonbeam has a working relationship with a number of the Century III tenants, and said the anchors are strong.

"We're already geared up and ready to promote the property at that location," she said.

O'Clock promised the new owners of the mall would get heavily involved in the community.

"We're going to be here for the long haul and make this a thriving community center," she said.

Gough, P.J., (2013, May 17), Century III Mall Changes Hands, Pittsburgh Business Times, (May 17, 2013). 
http://m.bizjournals.com/pittsburgh/news/2013/05/17/century-iii-mall-changes-hands.html?r=full