CRANBERRY TOWNSHIP (KDKA) — The Westinghouse campus in Cranberry has a brand new landlord with international roots.
However an aura surrounds the transaction.
The Westinghouse campus sprawls throughout over 824,000 sq. ft and is now the property of CF Cranberry LLC, which paperwork point out is out of Atlanta however has the backing of international traders.
“I do not know who they’re or the place they’re from,” stated Cranberry Township Fee Chairman Dick Hadley.
Hadley says the roots of the international investor might not be identified, however its funding of virtually $144 million to purchase the positioning says rather a lot.
“Since Westinghouse simply signed a long-term lease with the earlier proprietor, this purchaser is getting a full-term lease for at the very least 10 years.”
Not solely does the brand new proprietor present some stability, however simply the sale alone additionally generates actual property switch taxes for the Seneca Valley Faculty District and Cranberry Township.
Every will get a verify for $718,596.65, in line with paperwork filed within the Butler County Courthouse.
However there’s nonetheless the unknown of who the customer is and their intentions.
One girl who lives in Jackson Township is nervous.
“They’re shopping for it for a tax loss they usually’re going to dump it and stroll away,” stated Nancy Watson
However Stephen Barbera in Cranberry Township says the unknown in regards to the investor shouldn’t be a difficulty.
“I don’t actually assume it’s an issue,” Barbera stated. “It will be good to have some additional transparency with a big buy like that.”
Whereas Hadley want to know extra in regards to the traders in the long term, “I don’t assume it does matter as a result of this new proprietor realizes the worth which is what they had been keen to pay for that.”