Namdar Realty Group and the Franklin County Area Development Corp. (FCADC) have announced plans for the redevelopment of Chambersburg Mall, a 127-acre property located in Chambersburg.
For more information, please read at Shopping Center Business.
Jun. 23—WATERFORD — A Long Island real estate investment firm with a history of snapping up struggling shopping malls and then hanging onto them while investing little in upgrades has purchased Crystal Mall for more than $9.5 million, having offered the winning bid in an online auction last month.
A deed filed Thursday with the town clerk’s office shows three entities with addresses in Great Neck, N.Y., bought the property at 850 Hartford Turnpike from a commercial lender that foreclosed last year on a loan obtained by Simon Property Group.
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A church that sold its campus to The Journey Church has reopened at Lebanon Outlet Marketplace in the former Nike store space.
“It was positive,” Lebanon Economic Development Director Sarah Haston said. “We discussed their ideas and our ideas to (redevelop) the property and we are looking forward to working out a way to maintain (a) retail component. We are both interested in updating the property and keeping it an interest spot in Lebanon.”
New retail tenants could be announced in the coming weeks, Lebanon Outlet Marketplace General Manager Hugh Graham said.
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FORT DODGE, IOWA — Mason Asset Management, Namdar Realty Group and CH Capital Group have sold Crossroads Mall in Fort Dodge in central Iowa. The sales price was $3.3 million. The buyer, Crossroads Plaza Development LLC, plans to redevelop the mall into a series of retail and office spaces. The site will also include a new, five-story hotel. Fort Dodge City Council unanimously passed the redevelopment plan and committed up to $18.2 million of public funds to support construction.
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With only a few tenants remaining, the aging Phillipsburg Mall may not have much to offer shoppers these days, but an outside developer sees the property as a prime piece of real estate for a warehouse.
At a Lopatcong Township Council meeting Wednesday night, private real estate development firm CRG of St. Louis presented plans to buy the property and build an 850,000-square-foot warehouse to replace the once-thriving shopping center.
To read more, please visit The Morning Call
An investment group has tapped Colliers International as its leasing agent at a 1 million-square-foot mall in Atlantic County, the real estate services firm announced Wednesday.
Jason Fox and Evan Steinberg, who are based in Colliers’ Philadelphia office, are leading the leasing effort at Hamilton Mall, which sits at 4403 East Black Horse Pike in Mays Landing. They are working on behalf of Namdar Realty Group and Mason Asset Management, a pair of Long Island-based real estate investment firms that purchased the mall last year.
The property’s more than 100 tenants include Macy’s, H&M, Shopper’s World, Planet Fitness and Bob’s Furniture, along with restaurants Longhorn Steakhouse, Buffalo Wild Wings and Ruby Tuesday. Colliers is now marketing availabilities including a 206,924-square-foot anchor location vacated by Sears, as well as a 12,000-square foot in-line space.
To read more, please visit Real Estate New Jersey online.