Long-time owner sells Monroeville Mall at a huge discount

MONROEVILLE, Pa. — Western Pennsylvania’s biggest mall has been sold and at a steep discount.

In an announcement on Feb. 1, Chattanooga, Tennessee-based CBL Properties revealed that it has sold the Monroeville Mall for $34 million in an all-cash deal. The sale included both the main mall building and its annex.

No buyer was named.

Stephen D. Lebovitz, CEO of CBL, said of the sale in a prepared statement: “The sale of Monroeville Mall is a great example of the resilient value of well-located real estate in a dynamic market. This transaction allows us to focus efforts on higher productivity properties, generates significant cash proceeds and further reduces leverage.”

Including the open air district that includes a Barnes & Noble store and a Coast & Main restaurant among others, Monroeville Mall totals more than 1.24 million square feet of space on more than 80 acres and has been a focal presence in its community for more than 50 years.

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