Miracle Mile Shopping Center — Central Property Acquired By Frontier
Miracle Mile Shopping Center in Monroeville has new owners. Frontier Realty Group, a newly launched joint venture, paid $75.5 million for the 302,000-square-foot retail property along the Route 22 corridor, marking the first deal for a national shopping center platform with far bigger ambitions.
The purchase, first reported by Shopping Center Business, serves as the inaugural acquisition for Frontier’s newly launched platform, which is targeting more than $1 billion in open-air retail assets over the next 18 months, according to Commercial Property Executive. Frontier is a joint venture between Wharton Realty Group and KSR Capital, with acquisitions led by Robbie Millman. The shopping center, which sits on 27.5 acres roughly 20 miles east of Pittsburgh, was fully leased at the time of sale, with tenants including Chick-fil-A, Ulta Beauty, Marshalls, DSW, Panera Bread and Old Navy.
A Property With Deep Local Roots
Miracle Mile isn’t just another strip center. It originally opened in November 1954 as one of the largest open-air strip shopping centers between New York and Chicago, according to the Monroeville Historical Society, cited by the Pittsburgh Post-Gazette and the Monroeville Historical Society’s Facebook page. The center was built as Monroeville shifted from agricultural land into a major suburban hub, and it still plays a civic role today: Miracle Mile serves as the traditional staging area for Monroeville’s annual Fourth of July parade, which proceeds west along Route 22, as Hoodline has previously reported…