Streets of Cranberry sold for $32M
Streets of Cranberry, the “preeminent lifestyle center” and shopping destination in Cranberry Township, has been purchased for over $32 million by Herky Pollock, owner of Regional Development Partners.
“Given my 38 years of retail leasing experience — all in Western Pennsylvania — and knowing who the best and the brightest tenants are both regionally and nationally,” Pollock said, “I hope to continue the trend of enhancing Streets of Cranberry year after year.”
The Pittsburgh-based Regional Development Partners purchased the property Oct. 26 from DIV Cranberry LLC.
Pollock’s history with the center goes back to its very foundation, having originally obtained the land for the project’s developer, Continental Real Estate.
And as executive vice president of CBRE, the Streets of Cranberry’s long-standing leasing agent, he said he worked closely with its previous owners.
“I’ve always loved the project,” he said.
Prior to the purchase, Pollock said he was approached by DIV Cranberry LLC to appraise the property, assisting commercial real estate company JLL in bringing it market.
“Throughout the entire process, I always had in the back of my mind how much I loved the center and how well I knew it,” he said.
Pollock said he saw the township as a “great growth market and a phenomenal community.”
“It was always in the back of my mind to own the shopping center,” he said. “So after we got all of our bids, I approached the owner and said, ‘Hey, I’m interested in buying if you’re interested in selling.’”
The rest, he said, “is history.”
The center’s current tenants include Talbots, Condado Taco, Rally House, Old Navy, First Watch, Steel City, Big Blue Swim School and “much more.”
“I think it’s even better now than it’s ever been before,” Pollock said. “It’s historically been very fashion-centric, and now we’ve tried to diversify our tenant mix to add more daily needs and health and wellness and food, so that people are coming there on a regular basis.”
He said his team at CBRE would retain the leasing assignment for the property, and that negotiations were already underway to fill the recently closed Houlihan’s Restaurant.
“We certainly are looking at all of our options,” Pollock said.
He also said that the adjacent ECHO Cranberry North development would act as “an extension” of the shopping center, with a planned connector road between them.
“All the sites, such as residential and retail and perhaps free-standing restaurants, will become amenities for the Streets of Cranberry,” Pollock said, “and vice versa.”
He called the growth in the township a “phenomenal success story.”
“And then, most importantly, the surrounding trade areas are absolutely incredible,” Pollock said. “Starting with Cranberry and working its way out both east and west are some of the highest demographics in Western Pennsylvania.”
Pollock said he looked to two of the center’s previous owners, Frank Kass and Jonathan Davis, as mentors throughout his career.
“It’s a pretty awesome experience to be in the same sentence, as far as the ownership group,” he said. “I’m just going to continue to do what they did, but hopefully make it a little better each year.”
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