"The big-box colossus just snagged a Norwalk, CT, retail plaza for $44.5 million, beating out a "substantial" amount of interest in the space by laying out the juiciest offer, according to Jeff Kintzer, a principal at Royal Properties, which represented the seller. A Walmart store anchors the shopping center, so the chain moving from lessee to owner doesn't inspire much intrigue by itself. As the New York Times reported, Walmart already owns most of its locations. But the deal is part of an emerging pattern:"
"Walmart purchased the Monroeville Mall in Western Pennsylvania for $34 million. Perhaps coincidentally, it wanted a store in the town of Monroeville 20 years ago, but got denied by local authorities. In what might be a revenge move a la Taylor Swift, Walmart buying the mall can clear the pathway into the market far more easily than getting approvals and building a site from scratch."
Walmart has been acquiring shopping centers and malls, including a Norwalk, CT retail plaza for $44.5 million and a Bethel Park, PA center. The company also bought the Monroeville Mall in Western Pennsylvania for $34 million. The Monroeville purchase follows a two-decade failed effort to gain local approvals and could allow faster market entry through property ownership. Walmart applied for a $7.5 million Pennsylvania redevelopment grant to support full demolition and construction of new retail, restaurant, and entertainment venues. Walmart announced a 2018 plan to reimagine store surroundings as town centers with food vendors, gyms, and recreation spaces.
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