Simon says: Sell mall
The 26-year-old Century III Mall in West Mifflin is up for sale.
Claudia Steeb, a managing director for Holliday Fenoglio Fowler's Pittsburgh office, said the real estate-financial services firm is marketing the 1.3 million-square-foot enclosed mall on behalf of its owner -- giant Simon Property Group of Indianapolis.
"I am currently soliciting bids on the complex and expect to close the bidding either by late March or early April," Steeb said.
No price was listed on the property, which is among the largest shopping complexes in the region.
Century III, which opened in 1980, was built as part of a joint venture of Edward J. DeBartolo Corp. and U.S. Steel Corp.
U.S. Steel sold its interest in 1986. Ten years later, Simon Property became sole owner when it acquired assets of DeBartolo Realty Corp.
Steeb said the property has attracted interest from both local and national companies. She declined, however, to identify prospective buyers.
Les Morris, a Simon Property spokesman, declined to comment on the sale, but he said the company has no plans to sell either of its other mall properties in the region -- Ross Park Mall in Ross; and South Hills Village Mall, in Upper St. Clair and Bethel Park.
Simon Property also continues to hold option for a large land tract for a potential new mall in Cranberry, Butler County. The project remains active.
The potential sale of Century III comes during an active period for commercial and retail property sales, including those in this area:
"We have attempted to get an answer from them concerning the mall but have been unsuccessful," said Lori K. Ziencik, township secretary-treasurer.
The Mills Corp. has been silent about its future plans for Pittsburgh Mills.
David Glickman, vice president-retail group of Grubb & Ellis in Pittsburgh, said Simon Property's decision to sell Century III Mall is not a surprise.
"The mall apparently doesn't fit into Simon's portfolio. It is not a good fit in Simon's plans for the future," he said.
The Pleasant Hills-West Mifflin area has not supported the mall at a point that would make sense for Simon Property to make any major investment toward improvements, according to Glickman. Century III also has been hurt by the opening of The Waterfront in Homestead and by other retailers, although the addition of Dick's Sporting Goods gave the mall a boost, he said.
Century III has about 190 stores, although it faces the loss of Kaufmann's and Kaufmann's Furniture Gallery. Federated Department Store closed its Lazarus department store there in 1999. Federated is expected to replace Kaufmann's with a Macy's store.
