IRG, PREP Funds Set to Redevelop Western Pennsylvania site, Create New Identity as "Franklin Crossroads Park"

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Sep 22, 2025, 10:23 ET

Adaptive Reuse Project to Transform Traditional Mall to Modern Mixed-Use Retail and Business Hub

NORTH FRANKLIN TOWNSHIP, Pa., Sept. 22, 2025 /PRNewswire/ -- Industrial Realty Group, LLC ("IRG"), one of the country's largest owners of commercial and industrial properties, and PREP Funds, a dedicated real estate fund management and advisory firm, are proud to announce the partnership has acquired Washington Crown Center, a mall located in North Franklin Township and Washington County, Pennsylvania. The property is part of the greater Pittsburgh market.

Washington Crossroads Park - Business ParkRendering

The 450,000 square foot project has been rebranded Franklin Crossroads Park. The former mall will be redeveloped into a thriving mixed-use hub for retail and business growth.

"Franklin Crossroads Park enjoys excellent access and infrastructure," said Chris Salata, Partner with PREP Funds. "Our vision is to diversify the site's use attracting new retailers and businesses to the property. This adaptive reuse project will significantly improve the facility and bring new economic activity to North Franklin Township, Washington County and the surrounding region."

Development plans include creating a 100,000 square foot retail center on the eastern side of the property. Existing and future retail tenants will face Interstate 70 for maximum visibility and convenience for their customers. On the western side, 350,000 square feet of long-vacant retail space will be transformed into a business park that will accommodate a mix of corporate uses, which could include office, industrial, or research and development tenants.

"This site is ideally positioned within the greater Pittsburgh market with direct access to the I-70 interchange" said Peter Goffstein, Executive Vice President at IRG. "The development will transform the property to meet the changing needs of modern businesses and drive long-term growth and prosperity for the area."

"The mall is 'a dinosaur' that has weighed down the community for years," said Bob Sabot, Chairman of the North Franklin Board of Supervisors. "We are thrilled with the plans and vision that IRG and PREP Funds are bringing to the site and our community. We are excited for work to begin."

Nick Sherman, Chairman of the Washington County Commissioners, echoed Mr. Sabot's endorsement of the development team and the new project, "This is an incredible private investment in our community by IRG and PREP Funds and our leadership team here at the County will do all we can to support the developers and their efforts."

Construction will begin this fall with a portion of the mall remaining open through year-end. PREP Funds and IRG plan on having the first retail tenants occupy the new space in Q1 2026, with the business park tenants coming in late spring/early summer of 2026. The business park spaces will be customizable to corporate users and could include office space, loading docks and buildout packages.

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About IRG
IRG is a nationwide real estate development and investment firm specializing in the acquisition, development and management of commercial and industrial real estate throughout the United States. IRG, through its affiliated partnerships and limited liability companies, operates a portfolio containing over 150 properties in 31 states with over 100 million square feet of rentable space. IRG is nationally recognized as a leading force behind the adaptive reuse of commercial and industrial real estate, solving some of America's most difficult real estate challenges. Learn more at www.industrialrealtygroup.com

About PREP Funds
PREP Funds is a commercial real estate fund management and advisory firm. Founded in 2020, PREP Funds focuses on acquisition and development strategies across healthcare, industrial, and retail. PREP Funds is a manager and sponsor of real estate investment funds across sectors with durable fundamental tailwinds. This includes a $100MM value-add opportunities fund that invests in industrial and retail redevelopment projects that meet desired criteria allowing for a transformation of existing properties to enhance value and functionality. Learn more at www.prepfunds.net.

Media Contact:

Lauren Crumrine, Vice President of Marketing
Industrial Realty Group, LLC
614-562-9252
[email protected]

SOURCE Industrial Realty Group, LLC