NORWALK – Walmart has purchased the Walmart Center retail plaza that it anchors at 650 Main Ave. for $44.5 million, according to property records and the broker of the sale Royal Properties Inc.
It seems to be a strategy by one of the country’s largest retailer to purchase shopping centers with plans for developing multi-use centers. Simultaneous to the Norwalk purchase, Walmart purchased two Pittsburgh area shopping centers where it is an anchor. That includes the Monroeville Mall for $34 million and the Bethel Park Shopping Center for $39.6 million, according to The New York Times.
Some tenants at Monroeville Mall have been told they will need to vacate by April 2027 so the property can be be torn down, according to the Times story.
“While Walmart hasn’t said much publicly about its plans for Monroeville Mall, it recently applied for $7.5 million in state aid for the project,” according to an Oct. 7 story in The New York Times. “The filing lays out Walmart’s plans to demolish the mall and replace it with a multiuse center, which is expected to be completed in 2029, and will add 780,000 square feet of retail, dining and entertainment space, as well as public and pedestrian areas.”
Meanwhile, the 165,409-square-foot center in Norwalk, which is anchored by a 118,630-square-foot Walmart, also includes such tenants as ULTA, Aspen Dental, Just Salad, Panera, and Qdoba Mexican Restaurant.
“The amount of interest in this center was substantial. With several options to consider, Walmart stepped up with the best overall offer,” says Jeff Kintzer, principal of Royal Properties, who represented the seller, MG 650 Main LLC.
Barry Milberg from Treeline Real Estate Corp represented the buyer, Walmart Real Estate Trust. The purchase was recorded with the Norwalk City Clerk’s office on Oct. 3.
Walmart officials would not comment on the purchase.
Walmart Center sees over 30,000 cars per day, according to Royal Properties. Neighboring retailers include TJ Maxx, LA Fitness, Starbucks, Michael’s, Chipotle, Total Wine & More, Stop & Shop.
The property was last appraised in 2023 for $30.83 million, according to city property records. MG 650 Main LLC purchased the plaza from M.G. St. David LLC in 2014 for $0. Prior to that M.G. St. David LLC bought the property from Dorcal Associates Ltd. For $27 million in 2004, according to property records.
