Super-regional mall in Pittsburgh trades to new owner for $46M
JLL Capital Markets led the sales efforts for The Mall at Robinson, which is in the top four percent of shopping centers by visitors in Pennsylvania
NEW YORK, Nov. 29, 2022 – JLL Capital Markets announced today that it has completed the $46 million sale of The Mall at Robinson, a two-level, super-regional mall totaling 874,553 square feet in Pittsburgh, Pennsylvania. The Mall at Robinson sees more than 4.81 million visitors per year, ranking among the top 4% of shopping centers in the state as well as the top 4% of all retail centers across the U.S.
JLL represented the seller, QIC US Management, Incorporated, and procured the buyer, Kohan Retail Investment Group.
Completed in 2001. The Mall at Robinson is anchored by Dick’s Sporting Goods, Macy’s, JCPenney and a former Sears, which is currently vacant. The remainder of the mall is 92.1% leased to small shop retailers totaling approximately 320,000 square feet. In addition to the mall, the property includes a potential future anchor pad site that can accommodate up to 150,000 square feet.
The Mall at Robinson is positioned on 155 acres at the intersection of Route 60 and Robinson Town Centre Dr. less than a mile from the Interstate 376 / Steubenville Pike / Lincoln Highway interchange. The property is the only regional mall in Pittsburgh with direct highway interchange access and benefits from its proximity to Downtown Pittsburgh, Pittsburgh International Airport and several corporate and regional headquarters that are nearby. The trade area surrounding the property is home to more than one million residents within a 15-mile radius boasting an average household income of approximately $107,000, nearly 8% greater than the state average.
JLL’s Capital Markets team representing the seller was led by Senior Managing Directors David Monahan and Claudia Steeb, Senior Director Cameron Pittman and Associate Emerson Pierce.
“Despite a challenging capital markets environment, retail is continuing to perform well, and investors are responding to opportunities like The Mall at Robinson,” said Monahan. “This super-regional mall is positioned in a growing area, and the buyer was able to recognize the long-term strength of the asset.”
JLL’s Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment and sales advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
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JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $19.4 billion, operations in over 80 countries and a global workforce of more than 102,000 as of September 30, 2022. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Kohan Retail Investment Group
Kohan Retail Investment Group is a retail and hotel investment management company based in Great Neck, New York. For more information, please visit: kohanretail.com.