Frontier Realty Group, a joint venture between Wharton Realty Group and KSR Capital, announced the acquisition of Miracle Mile Shopping Center in Monroeville, Pennsylvania, for $75.5 million.
The deal is the first transaction following the recent launch of Frontier’s national shopping center investment platform. To lead its continued expansion, Frontier has appointed industry veteran Robbie Millman as its Head of Acquisitions, overseeing the platform’s investment strategy.
The Frontier Realty Group acquisition team included Daniel Massry, Marc Sitt, Robbie Millman, Isaac Massry, Morris Sabbagh, and Abraham Kassin. CBRE’s Colin Behr, Christopher Munley, Ryan Sciullo, and Chris Sicher represented the prior owners in the transaction.
Miracle Mile comprises over 302,000 square feet across 27.5 acres in the Pittsburgh MSA. At 100% occupancy, the center’s tenants include Marshalls, LA Fitness, ULTA, Old Navy, Chick-fil-A, Panera Bread, and DSW Shoe Warehouse. Miracle Mile is well-positioned with direct access to major thoroughfares, including Interstate 376 and the Pennsylvania Turnpike.
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