The value of a small mall in even a wealthy community isn’t what it used to be.
That’s demonstrated by the new recorded transaction value of the Galleria of Mt., Lebanon, which Washington, D.C.-based Roadside Development announced about a week ago it has bought with a still-to-be determined plan to redevelop the complex, an enclosed mall refashioned out of a one-time Kauffman’s department store more than 30 years ago.
According to recent real estate records, a Roadside Development affiliate called 1500 Washington Road bought the Galleria property, consisting of a two-level retail property totaling a little more than 167,000 square feet on about 15 acres, for $15.225 million.
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