Why the owners of the Waterfront took it off the market and paid off its long-term debt

PITTSBURGH — When he starts to explain why the Waterfront is no longer for sale, Marty Sweeney alludes to a three-ringed binder of a plan and the expectation of a 10-year hold.

Only now, plans have changed.

“It’s not for sale anymore,” said Sweeney, a senior vice president of acquisitions and asset management for Chicago-based M&J Wilkow Ltd., making the kind of acknowledgment that nondisclosure agreements typically prevent disclosure about.

In March of this year, it first came out that the Waterfront was for sale.

At the time, M&J Wilkow and joint venture partner BIG Shopping Centers USA first listed the 765,000-square-foot portion of the Homestead retail complex they own for sale, marketing the complex through Colliers International and then later through JLL.

It had been nearly 10 years since the joint venture first bought what ranks as one of the Pittsburgh area’s largest retail properties. M&J Willow joined a BIG Shopping Centers USA that is a publicly traded company in Isreal to buy the 256-acre redeveloped mill site for $112 million.

Now, the joint venture ranks as the longest-tenured ownership of the Waterfront with a growing expectation to go beyond the expected 10 years.

Instead of selling, Sweeney said the joint venture opted to pay off the remaining balance of $75 million on the loan for the complex.

“We own the property free and clear without any debt,” he said.

Since then, Sweeney emphasized the joint venture has opted to invest $4 million in various upgrades and maintenance at the Waterfront. That includes having all the parking lots repaved, adding new lighting, roofs and painting as well as new on-site amenities, including a dog park in the works.

Sweeney offered a couple different reasons why the Waterfront wasn’t sold.

He made clear bidders didn’t meet price expectations, without specifying what an expected sales price was.

“We got a lot of offers to buy the Waterfront, just not at a number we needed,” he said.

The Waterfront’s occupancy remains strong, reaching 97%, he added. Sweeney also pointed to the strength and resiliency of the shops and restaurants at the Waterfront starting with a Dave & Buster’s he said ranks among the chain’s strongest performing locations.

CLICK HERE TO READ MORE FROM THE PITTSBURGH BUSINESS TIMES.

Download the FREE WPXI News app for breaking news alerts.

Follow Channel 11 News on Facebook and Twitter. | Watch WPXI NOW

Egg prices have doubled since 2021, no decrease in sight

©2022 Cox Media Group