Pittsburgh, PA — Shannon Waltchack is pleased to announce the acquisition of a 52,750 SF retail center in the Pittsburgh MSA, representing the firm’s first acquisition in Pennsylvania and the eighth addition to SW Neighborhood Centers III (SWNC III).
“McKnight-Siebert fits perfectly into our national strategy of assembling resilient, daily-needs shopping centers — small-shop retail hubs anchored by service, convenience, and necessity tenants,” said Derek Waltchack, Partner at Shannon Waltchack. “This center on McKnight and Siebert gives SW Neighborhood Centers III a strong foothold in the Pittsburgh MSA, as we scale across high-income trade areas nationwide.”
The shopping center is strategically positioned within a high-traffic, high-income corridor at the intersection of McKnight Road (U.S. Route 19 Expressway) and Siebert Road, just six miles north of downtown Pittsburgh. With exceptional visibility, access, and a location in one of Pittsburgh’s most established trade areas, the property is well positioned to remain a dominant retail destination. The center is currently 94.5% leased to eighteen tenants including Walgreens, Starbucks Coffee, Bruegger’s Bagels and many locally-owned small businesses.
“The corner of McKnight and Siebert has been a pillar of North-Hills retail for more than half a century — the original shopping center was constructed in 1956, and generations of Pittsburgh families have used it as their go-to for everyday errands,” said Waltchack. “With the 2021 façade refresh, McKnight-Siebert now joins its storied past with a modern look and renewed vitality. We’re proud to bring it into the SWNC III portfolio as our first acquisition in Pennsylvania.”
The seller, First Washington, LLC, was represented by the CBRE National Retail Partners led by RJ Mirabile and Colin Behr.
SWNC III is an affiliate of Birmingham-based Shannon Waltchack, a vertically-integrated commercial real estate firm focused on acquiring centers anchored by service-oriented tenants in dense, affluent communities. Its preferred tenant mix includes medical providers, restaurants, and salons—businesses resilient to online competition.
McKnight Siebert Shopping Center is the ninth asset in the SWNC III portfolio, joining Tequesta Square (Jupiter, FL), The Vintage Center (Houston, TX), Southside Square (Kernersville, NC), Draper Town Square (Draper, UT), Raceway Shops (Indianapolis, IN) Shops at Leander (Leander, TX), Shops at Covenant Health (Lubbock, TX), and Belleair Bazaar (Tampa, FL).
Shannon Waltchack continues to actively pursue retail strip centers in affluent communities across the United States. Brokers with opportunities are encouraged to contact Director of Acquisitions Jonathan Kahalley at [email protected].
