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Phillipsburg Mall owners seeing ‘interest from potential buyers,’ but fate still uncertain

Category: Acquisitions

Date: February 28, 2020

The property owners of the soon-to-be defunct 577,000-square-foot Phillipsburg Mall say they remain committed in redeveloping the site. What it will become, however, remains a mystery for at least a little while longer.

The Long Island, New York partnership of Namdar Realty Group and Mason Asset Management bought the 76-acre mall property in 2013 for $11.5 million, adding to its national portfolio. At the time, the stated intention of the partners was to upgrade the site — but the retail apocalypse already set in around 2010 and kept continuing onward with several empty storefronts popping up at the shopping destination straddling Lopatcong and Pohatcong townships.

“Our goal remains to identify the best solution for the property and its surrounding community,” Nassim said. “Our goal has always been to explore all possible uses for this property for its highest and best use.”

To read more, please visit NJ.com