This week Walmart BB #:143789 confirmed that it bought a mall in Monroeville, PA, about 12 miles east of Pittsburgh.
In a statement to CNBC, Walmart said it “is very interested in being part of any future redevelopment of this site,” but declined to reveal specific plans for the future of the Monroeville Mall.
Last week, CBL Properties announced it closed the sale of the mall for $34 million, but did not reveal the buyer.
According to Monroeville Mall’s website, it’s a 186-acre site, and tenants include department stores Macy’s and JCPenney, specialty retailers like Claire’s, Victoria’s Secret, and American Eagle, and a Cinemark movie theater.
According to CNBC, Walmart hired Texas-based Cypress Equities to manage the property and oversee the redevelopment of the mall.
Chris Maguire, CEO of Cypress Equities, said the company has worked with the retailer before to find new sites, build stores, or close older locations, and it began working with Walmart on the mall project in October.
“This is going to be a retail-driven, mixed-use project,” he told CNBC.
