Exterior of the retail giant Walmart’s Home office in Bentonville, Arkansas
Walmart just went shopping and came back with the Monroeville Mall about 20 miles east of Pittsburgh, according to the Pittsburgh Post-Gazette. CBL Properties sold the property at a bargain price of $34 million. It spans nearly 200 acres, an enclosed mall totaling over one million square feet and a stand-alone Annex and District shopping center.
Walmart spokesperson Mark Rickel shared with me that it’s too early in the process to reveal plans or timelines for the mall; however, to manage and redevelop the site, it has partnered with Cypress Equities, which has worked with Walmart to build some 25 stores across the country.
“Walmart is very interested in being part of any future redevelopment of this site,” he hinted. There is not a Walmart in sight. The closest is some four miles away.
“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,” Rickel continued.
Iconic Pittsburgh Landmark Ready To Makeover
Located at the heavily-trafficked intersection of the Pennsylvania Turnpike, Route 22, Route 48 and the I-376 Parkway that heads downtown, the two-story Monroeville Mall opened in 1969.
The mall is anchored by Macy’s, Dick’s Sporting Goods and JCPenney, with an outside Barnes & Noble, Guitar Center and Best Buy. Inline, it has an H&M, Forever 21, Kay Jewelers, Victoria’s Secret, American Eagle, Claire’s and other specialty retailers.
For experiences, it hosts a Cinemark movie theater, Coast and Main Seafood and Chop House, Saga Hibachi Steakhouse and Sushi Bar, a food court, plus a range of community and personal services offerings.
The mall was the prime location for the 1978 classic horror film, Dawn of the Dead, and houses the “Living Dead Museum and Gift Shop” for Zombie fans. It also was the setting for a scene in the 1983 Flashdance movie.
The mall is ready for a makeover, as the last major renovation took place in 2003, shortly after which CBL acquired the property for some $230 million.
Walmart’s Mall Dreams To Be Realized
Back in 2018, Walmart announced plans to develop malls around its stores, called Town Centers. LB Johnson, then and now vice president of Walmart’s U.S. real estate operations, shared:
“We want to provide pedestrian connectivity from our box to the experiential zones that are planned on our footprint. We want to augment these experiences and activities with more food and beverage, with health and fitness, essential services and entertainment.”
At the time, Johnson said the company had identified several locations for Town Center development, including one in Loveland, CO and Henderson, NV; however, those plans never came to fruition. Other things got in the way, like a pandemic.
Now Walmart seems to be resurrecting the concept with the acquisition and redevelopment of the Monroeville Mall.
In an interview with the Post-Gazette, Cypress CEO Chris Maguire said the company will work closely with public officials and members of the community to determine the “highest and best” use of the property.
The vision is to transform the property to a mixed-use “new retail and commercial destination,” which will include retail, hospitality and possibly residential development.
“We’d like to go as quickly as possible,” Maguire said. “I think it’s in all of our best interest to bring the redevelopment to today’s standards and to what the community deserves.
“We’re looking forward to bringing it back to its glory days,” he concluded.
