State College investor adds key parcel to Newbury site through Ch. 11 process

The State College-based joint venture taking on the completion of the Newbury Market redevelopment in South Fayette now has more land on which to pursue its options.

That’s according to a Chapter 11 filing made in the United States Bankruptcy Court for the Western District of Pennsylvania by Newbury Power Center A-1 LP, a corporate entity of the master plan’s original developer Brett Malky, which recently settled the reorganization filing by selling off a seven-acre parcel of the larger Newbury site at a sales price of $3.8 million to the same entity that recently announced it had closed on buying 20 acres of the incomplete retail development.

The court-approved sale of the seven acres follows the July 7 announcement that Newbury Associates LLC had bought a majority 20-acre portion of the Newbury redevelopment site, an acquisition that brings in a firm with a considerable portfolio mostly around the college town of Penn State’s main campus to finish off a long-awaited South Fayette redevelopment.

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