CRANBERRY TOWNSHIP (KDKA) — The Westinghouse campus in Cranberry has a new landlord with foreign roots.
But an air of mystery surrounds the transaction.
The Westinghouse campus sprawls across over 824,000 square feet and is now the property of CF Cranberry LLC, which documents indicate is out of Atlanta but has the backing of foreign investors.
“I have no idea who they are or where they are from,” said Cranberry Township Commission Chairman Dick Hadley.
Hadley says the roots of the foreign investor may not be known, but its investment of almost $144 million to buy the site says a lot.
“Since Westinghouse just signed a long-term lease with the previous owner, this buyer is getting a full-term lease for at least 10 years.”
Not only does the new owner provide some stability, but just the sale alone also generates real estate transfer taxes for the Seneca Valley School District and Cranberry Township.
Each gets a check for $718,596.65, according to documents filed in the Butler County Courthouse.
But there is still the unknown of who the buyer is and their intentions.
One woman who lives in Jackson Township is worried.
“They are buying it for a tax loss and they’re going to dump it and walk away,” said Nancy Watson
But Stephen Barbera in Cranberry Township says the unknown about the investor shouldn’t be an issue.
“I don’t really think it’s a problem,” Barbera said. “It would be nice to have some extra transparency with a large purchase like that.”
While Hadley would like to know more about the investors in the long run, “I don’t think it does matter because this new owner realizes the value which is what they were willing to pay for that.”