TCM Sells Limited Partnership Interest in PA Retail Asset
- Nov 21, 2017
Ten Capital Management has sold its limited partnership interest in Miracle Mile Retail Center to a joint venture between M&J Wilkow LTD and ALTO Real Estate. The nearly 300,000-square-foot, Class A retail center is located in Monroeville, Pa.
Located at 4100 William Penn Highway, 13 miles east of the Pittsburgh Central Business District, Miracle Mile Retail Center is a power center anchored by tenants such as LA Fitness, Marshalls, PNC Bank, DSW and Office Max. The property was 94 percent occupied at the time of the purchased and 98 percent leased upon sale. Built in 1954 and then renovated in 2006, Miracle Mile Retail Center offers approximately 1,400 parking spaces.
“Miracle Mile is the dominant retail center in the eastern suburbs of Pittsburgh due to its location within the William Penn Highway Retail Corridor,” Paul DiSandro, TCM’s portfolio manager, said in prepared remarks. “Tenant demand for space was consistently high, resulting in an average occupancy of 98 percent and rent increases averaging over 9 percent for new and existing tenant renewals over our hold period. We successfully achieved our original business plan which included monitoring and maximizing occupancy, lease roll and tenant quality/health.”
Last month, M&J Wilkow in partnership with Intercontinental Real Estate Corp., sold a 460,000-square-foot Class A office building in Columbia, S.C.
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