Waterfront retail, commercial mall for sale
The Waterfront, a super-regional open air shopping mall spanning Homestead, West Homestead and Munhall, is up for sale for an undisclosed price. Bids on the 764,691-square-foot complex along the Monongahela River are due May 11, said Nick Matt, managing partner of Holliday Fenoglio Fowler LP’s Pittsburgh office, which is marketing the property. Among its anchors are Dick’s Sporting Goods, Best Buy, Michaels, Petco, TJ Maxx, Bed Bath & Beyond, Marshalls, Gordon’s Shoes, Dave and Buster’s and Barnes & Noble. The complex, opened in 1999 on the site once occupied by U.S. Steel’s Homestead Steel Works plant, which closed in 1987, was developed by Continental Real Estate Companies and Nationwide Realty Investors Ltd., of Columbus, Ohio. It is now owned by Developers Diversified Realty Corp. of Cleveland, which acquired the property in 2006 when it agreed to buy Inland Retail Real Estate Trust Inc. of Oak Brook, Ill., for $6.2 billion. Inland had purchased the Waterfront from Continental in 2003 for $123.5 million. Not included in that sale were Giant Eagle, Target, Lowes Home Improvement and Macy’s, which own their property, and office buildings owned by Continental and others. Besides having over 50 retail stores, the site contains the headquarters of Eat ‘n Park, GAI Consultants and Allegheny Intermediate Unit.
Target’s South Hills Village site cost $8M
Target Corp. paid $8 million for property at South Hills Village in Upper St. Clair, where the discount chain plans to open a store, according to records filed with Allegheny County. Target is expanding the first floor of the former Boscov’s department store in the mall. Dick’s Sporting Goods Inc. is turning space on the second and third floors of the building into a new South Hills Village location; Dick’s now is in a separate building on the mall property. South Hills Village Associates LP sold the property to Target.
Washington Plaza apartments for sale
The 388-unit Washington Plaza apartment complex in the Uptown area of Downtown, has been put up for sale for $55 million, said to Nick Matt, managing partner at Holliday Fenoglio Fowler LP. The I.M. Pei-designed building at 1420 Center Ave., adjacent to Consol Energy Center, is 98 percent leased. It is owned by the pension fund of the Detroit Police and Fire Retirement System. Banyan Realty Advisor is the fund’s adviser. Built in 1964, the 24-story structure is located on 4.3 acres. The HFF sales team includes Gerard Sansosti, Mark Popovich and Tom Rieck.
Oil, gas rig count down by 27 to 1,945
The number of rigs actively exploring for oil and natural gas in the United States is down 27 this week to 1,945. Houston-based oilfield services company Baker Hughes Inc. said on Friday that 1,328 rigs were exploring for oil and 613 were looking for gas. Four were listed as miscellaneous. A year ago this week, Baker Hughes reported 1,818 rigs. Of the major oil- and gas-producing states, only North Dakota increased its total, gaining one rig. Louisiana lost five rigs; Pennsylvania and Texas each lost four; and Arkansas and Oklahoma each lost three. Alaska, California and New Mexico lost two apiece, and Colorado and Wyoming each lost one. The rig count peaked at 4,530 in 1981 and bottomed at 488 in 1999.
• Chevron Corp. said on Friday that profits rose 4.2 percent in the first quarter as it sold oil for higher prices. The San Ramon, Calif., energy giant reported net income of $6.47 billion, or $3.27 per share, for the first three months of the year. That compares with $6.21 billion, or $3.09 per share, for the same part of 2011. Revenue increased less than 1 percent to $60.7 billion.
• Honda Motor Co.’s January-March profit jumped 61 percent as the Japanese automaker sold more cars and motorcycles in a turnaround from a disaster-battered 2011. It forecast record sales of 4.3 million vehicles for this year. Honda, which makes the Accord sedan, Fit subcompact and Asimo robot, reported net profit of $882.7 million for the fourth quarter, up from $455 million a year earlier. Sales improved 8.7 percent to $29.7 billion.
Other business news
• Low-income wage earners in Pennsylvania received more than $7.5 million in state and federal income tax refunds last year by filing their returns through PA I-Can E-File. The service was started in 2007 by Southwestern Pennsylvania Legal Services. The free, easy-to-use, self-help system is intended for low-income tax filers to reclaim “every penny” of their Earned Income Tax Credit, said Robert Brenner, executive director of SPLS.
• CDM Smith Inc., North Shore, won a $620,000 contract from Allegheny County to design a ball field at the Sports Legacy field that spans three communities: Moon, Coraopolis and Robinson. The award by the Redevelopment Authority of Allegheny County will lead to the first of up to 20 fields to be located on the 78-acre site, a former Pittsburgh & Lake Erie Railroad yard.
• The historic seven-story Ohringer Building in Braddock will be renovated to include residential and retail tenants with a $250,000 grant through the Allegheny County Community Infrastructure & Tourism Fund. Braddock Redux, a nonprofit agency founded by Mayor John Fetterman, was awarded the funds on Friday by the Redevelopment Authority of Allegheny County.
• John W. McIlvaine III, a director of The Webb Law Firm P.C., Downtown, was named president of the Pittsburgh Intellectual Property Law Association for the 2012-13 term.