In what is likely a first for a U.S. retailer, Walmart has purchased a shopping mall — the Monroeville Mall and Annex in Monroeville, Pa. Walmart paid developer CBL Properties $34 million in an all-cash deal for the site, located approximately 12 miles east of Pittsburgh.
In a statement provided to CNBC, Walmart said it “is very interested in being part of any future redevelopment of this site,” but declined to provide further details about its plans or timelines for the property.
According to the CBL website, the 985,073-square-foot Monroeville Mall contains 133 stores, including Dick’s Sporting Goods, Macy’s, Best Buy, Barnes & Noble, Forever 21, Victoria’s Secret and JCPenney. The 185,517-square-foot Annex contains eight stores, and the combined property received approximately 3.49 million visitors in 2023.
“The sale of Monroeville Mall is a great example of the resilient value of well-located real estate in a dynamic market,” said Stephen Lebovitz, CEO of CBL in a statement. “This transaction allows us to focus efforts on higher productivity properties, generates significant cash proceeds and further reduces leverage.”
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