Lamar Companies, a New Jersey-based commercial property redeveloper, has acquired the Norwin Hills Shopping Center in North Huntingdon from Colony Park Co. of North Huntingdon for $16.9 million, according to the a deed filed with the Westmoreland County Recorder of Deeds Office.
"We're always looking for value-added opportunities, and we're getting another asset in the Pittsburgh market," said Phil Snyder, vice president of asset management for Lamar Companies.
Norwin Hills Shopping Center is located at the intersection of Norwin Avenue and Route 30.
The center was built in 1980 and contains nearly 250,000 square feet of leasable space. Anchor tenants include Aldi Foods, Norwin Hills Cinema and Eckerd Drug. The center is also home to Fashion Bug, GNC, Radio Shack, H&R Block, Wilmore Jewelers and a state Wine and Spirits Shoppe.
Snyder said Lamar plans to make improvements but did not provide details. He said the parking lot, which contains 1,164 spaces, will be resurfaced.
He said Lamar will try to attract major, national retailers to the site. "We buy centers to add value, and this has a chance for numerous upgrades. Most of the play for us is on the leasing side," Snyder said.
He said Lamar Companies has 26 shopping centers in its portfolio.
