The Waterfront in Homestead is up for sale
The Waterfront, or at least a major portion of the retail development, has hit the market for sale.
An executive with the ownership group wasn't immediately available for comment.
But sources familiar with the marketing indicate that the joint venture ownership of Chicago-based M&J Wilkow Ltd. and Phoenix-based BIG Shopping Centers USA is shopping the complex for a new owner.
While the motivations to sell remain to be determined, it has now been almost 10 years since M&J Wilkow and BIG closed on buying the complex, making the joint venture the longest running ownership of the Waterfront, buying it after a five-year stint by DDR Corp. It was originally developed by Columbus-based Continental Real Estate Cos. mostly in the early aughts.
At the time, the Waterfront was anchored by a Macy's department store and an AMC Loews cineplex on a steel mill redevelopment of about 265 acres that straddles the communities of Homestead, Munhall and West Homestead along the Monongahela River.
Today, the shopping center is a little smaller than it was then, totaling 1.3 million square feet as portions of the complex have been redeveloped. That includes the former Macy's store that was repositioned into office use. But the Waterfront still ranks as the region's second largest retail development in the region, second only to Monroeville Mall.
Citation: Schooley, Tim. Business Times. "The Waterfront in Homestead is up for sale". March 16 2022. Sources: joint venture of M&J Wilkow and BIG Shopping Centers USA marketing the Waterfront for sale - Pittsburgh Business Times (bizjournals.com)