N.Y.-based company acquires Lower Burrell’s Hillcrest Shopping Center for over $3.78 million

Nassimi Realty, a New York City-based real estate development company, is the new owner of the Hillcrest Shopping Center in Lower Burrell, and it’s an acquisition that excites local officials.

Nassimi purchased the property, off Leechburg and Wildlife Lodge roads, after an auction this summer. Its starting bid was $1.14 million; a final price was more than $3.78 million, according to real estate transaction records.

“While there is certainly still work to be done, and always will be, this is a great step forward for us,” Mayor Chris Fabry said. “Lower Burrell has welcomed about a dozen new businesses in the past two years, and I look forward to seeing that list grow as Nassimi begins filling empty storefronts.

“They seem like the perfect owners for that plaza. Being able to take quick action and pivot where needed is such an advantage. They won’t be bogged down by corporate red tape.”

Hillcrest previously was owned by the U.S. National Bank Association. It sits on 19.8 acres and has two anchor stores: Community Market and Roses. It was built in 1960 and renovated in 1993.

Nassimi officials did not immediately respond to requests for comment.

According to the company’s website, Nassimi owns 46 properties in 14 states, mostly in the eastern half of the country. The company has been in business for more than 40 years. In Pennsylvania, the company owns five other retail properties including shopping centers in Harrisburg, Elizabethtown, Wyncote and Kutztown and a retail building in Philadelphia. Hillcrest is the company’s only Southwestern Pennsylvania property. It owns three shopping center in Ohio.

Its website says Nassimi “specializes in ground up development as well as redevelopment of existing buildings and is renowned in the industry for successfully revitalizing ‘turnaround properties.’ ”

Hillcrest would be one of those turnaround properties. In its listing, brokers said the property has a nearly 78% occupancy rate.

Fabry said he and city Councilman David Stoltz met with Nassimi officials last week to discuss the future of the property.

“I’m very excited by the result of our meeting with Nassimi and for the future of that plaza,” Fabry said. “It will be fun watching new businesses brought in to join those already established.”

Stoltz also was optimistic about the property’s future under Nassimi.

Based on his research, he believes Nassimi is a solid company and has a good track record of bringing and maintaining businesses in plazas.

“They vowed to keep in close contact with us,” Stoltz said. “As long as we keep getting positive feedback from them and things are moving in the right direction, that’s all we can ask for.”

Stoltz said he knows progress won’t happen at the site overnight, but he is confident the city will get “good news” of stores filling vacancies every couple of months.

“I definitely feel good about these guys owning it,” Stoltz said.