X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

(For more retail coverage, click GlobeSt.com/RETAIL.)

CRANBERRY TWP., PA-The Youngstown, OH-based Petrarca Cos. will break ground by the end of this year for the Shoppes at Cranberry. The 250,000-sf shopping center will be on 24 acres at the intersection of Route 228 and Interstate 79.

Gregg Broujos, a principal with NAI Pittsburgh Commercial, has been handed the leasing assignment. “This is a Main and Main location in the fastest growing suburb of the Pittsburgh MSA,” he tells GlobeSt.com. Although no contracts have been signed, Broujos says, “we began marketing at ICSC [the shopping center convention in Las Vegas in May] and even without a site plan, there was so much interest, based solely on the location.” Further evidence of retail interest here is a plan, recently unveiled by Indianapolis-based Simon Property Group, for an 850,000-sf Cranberry Town Center, which is adjacent to the Petrarca parcel.

Broujos says unit sizes in the Petrarca center begin at 1,000 sf and there are some big box outparcels. He’s targeting big- and small-box tenants as well as in-line shops, and rental rates, he says, “range between $25 per sf and $35 per sf.” Because of the high interest, according to Broujos, “no decision has yet been made on whether to offer the outparcels under ground leases or conventional retail.” Occupancy is scheduled for first quarter 2008. A call to Petrarca was not returned by deadline.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt
Live Chat

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.