Walmart buys shopping mall in Pennsylvania
Walmart has bought Monroeville Mall, which is roughly 12 miles east of Pittsburgh, per a CNBC report.
CBL Properties sold the mall in a $34 million all-cash deal, according to a news release from the Tennessee-based mall owner in late January, per the report, which noted that the company did not name the buyer at the time.
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A Walmart spokesperson provided Drug Store News with the following statement about the purchase of the Monroeville Mall: "Walmart is very interested in being part of any future redevelopment of this site. Walmart is working with Cypress on mall operations and potential redevelopment of the site. We are unable to share any specific plans at this time."
Cypress Equities is a Texas-based real estate and development firm.
Monroeville Mall 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 Monroeville Mall’s website. The mall is on a 186-acre site.
Walmart’s mall deal was previously reported by the Pittsburgh Post-Gazette.
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