Walnut Capital has made another big acquisition on Penn Avenue in the East End, adding to its collection of holdings near its cutting-edge Bakery Square development.
The Shadyside developer has finalized the purchase of the Village of Eastside, a nine-acre shopping center next to Bakery Square that is home to Trader Joe’s, Staples and other retailers. The price was not disclosed.
Combined with the Club One fitness property Walnut Capital is negotiating to buy, the latest acquisition would give the developer control of about another 12 acres of land adjacent to Bakery Square, home to Google and a number of other tech- or university-related ventures.
Todd Reidbord, Walnut Capital and founding partner, said the company intends to rename the shopping center the District at Bakery Square, making it part of a nexus that includes three office buildings, apartments, retail and townhouses.
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Pittsburgh Post-Gazette | Mark Belko