MONROEVILLE, Pa. — Marty Sweeney is quick to remember during the pandemic when the lease of LA Fitness at the Miracle Mile Shopping Center was expiring at a time when government-mandated quarantines didn’t allow such gyms to even operate.
Now, years later, LA Fitness is one of a number of major tenants operating on new long-term leases at a Miracle Mile that is fully leased with a potential waiting list of newcomers as Chicago-based M&J Wilkow and Alto Real Estate Funds put the shopping center up for sale.
“It has been a very good property,” said Sweeney, a senior vice president for acquisitions and asset management for M&J Wilkow, adding “we accomplished the goal” of adding full value to the modest issues of the Monroeville shopping center.
That mostly meant establishing new long-term leases for not only LA Fitness but other important tenants such as PNC Bank, which operates a 20,000-square-foot regional office there, a Marshall’s store, along with changes that include replacing a former Taco Bell location with a new Bank of America branch under long-term leases.
Sweeney added of Miracle Mile, “It cash flows like an ATM and there’s a lot of demand for that right now.”
M&J Wilkow recently listed Miracle Mile for sale with CBRE at an unlisted price.
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