The new owners of Heights Plaza say they will rejuvenate the long-lost Harrison shopping center and add some new tenants by the end of the year.
Benbrooke Realty Investment Co., a New York-based real estate manager, announced Thursday that it has recently completed an ownership arrangement for a shopping plaza near 30 acres.
Benbrook Explains that it is a comprehensive organization of numerous partnerships and operators involved in various portfolio management and value creation strategies along the East Coast and in the Texas commercial real estate market.
Property management services are provided by Premium Property Management.Benbrook’s affiliate, Pretium Was a recipient appointed by Allegheny County Judge in 2018 Taking over the operation of the plaza after the former owner, Wild Blue Management, defaults on the mortgage.
According to Allegheny County real estate records, the four plots that make up Heights Plaza were sold for $ 8 million in March. Their total valuation is $ 7 million.
According to Allegheny County records, WildBlue Management purchased them for $ 20.5 million in 2003.
According to Benbrook, the plaza plans include new parking, new billboards, and plaza façade upgrades. We are pursuing a combination of national, regional and local retailers to fill the empty space.
The company’s goal is to “redevelop, relocate and re-rent properties with retailers and service tenants to create a cross-shopping experience for the Natrona Heights community and the Upper Allegheny Valley region.” ..
“This is Benbrooke’s model. We are identifying multi-tenant commercial real estate that is ready for redevelopment and investing resources to create a better experience for tenants, consumers and communities,” Benbrooke said. Said Richard Lubkin, Principal of. Headquartered in White Plains, NY, “We have a great collection of professionals throughout the region and we have enough capital to realize our plans for this property.”
Harrison Commissioner Chuck Dizzard said the Plaza was once the commercial center of Natrona Heights.
“The days of major retailers are gone, but new owners have promised to return Heights Plaza to a central hub of commercial and welfare activities,” Dizard said. “With new signs and physical plant improvements, Heights Plaza can once again become a source of public pride, a destination for neighboring communities, and make an important financial contribution to our community.”
Senator Lindsey Williams, who has a two-year office at Heights Plaza, said she was pleased with the ongoing resurrection.
“Heights Plaza has great potential to become another destination along the Allegheny River,” she said. “Plaza Revitalization provides another anchor location for nearby and distant residents to work, eat, shop, or care along our river valley community.”