Pittsburgh Mills shoppers and businesses hopeful about new owner
The same company that bought the Beaver Valley Mall last year has purchased the Pittsburgh Mills mall in Allegheny County.
Mason Asset Management, which is based in New York, bought the property Tuesday. The sale price hasn’t yet been recorded with the Allegheny County recorder of deeds office.
Pittsburgh Mills, located in Frazier Township along Route 28, has been financially struggling for years and was foreclosed upon last January. It was later purchased for $100 by the mortgage holder, Morgan Stanley Capital.
The mall, which has about a 30 percent vacancy rate, opened in 2005.
Mason Asset, based in Long Island, N.Y., bought the Beaver Valley Mall in January 2017 for $24.2 million and also owns malls in Uniontown, Altoona and State College. The company owns 100 commercial properties across the country, including 40 malls.