The declining sales price and real estate value of malls has been an ongoing fact of life in commercial real estate for years.
After western Pennsylvania malls such as Century III Mall in West Mifflin (2013 sale price: $10.5 million), Galleria at Pittsburgh Mills in Frazer Township (2018 sale price: $12 million) and Monroeville Mall (February sale price: $34 million) have all sold in recent years for a fraction of their previous values, the region now may have a new low price for just what a mall can sell for.
That would be Washington Crown Center, which now totals around 450,000 square feet excluding some neighboring anchors, which a joint venture of Los Angeles-based Industrial Realty Group LLC and Cleveland-based PREP Funds bought from New York-based Kohan Retail Investment Group.
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