Vacancy-plagued Phillipsburg Mall has been sold after nine months on the commercial real estate market.
Pennsylvania Real Estate Investment Trust announced Thursday it sold the mall for $11.5 million, giving the company a 9.8 percent capitalization rate on its investment. The buyer is Mason Asset Management of Great Neck, N.Y.
Mason owner Elliot Nassim said his company specializes in the redevelopment of malls. “We hope to bring some new tenants to the mall,” he said.
Phillipsburg Mall is a 574,000-square-foot shopping center straddling Lopatcong and Pohatcong townships. It is anchored by Kohl’s, Sears, Bon-Ton and JC Penney.
Read more: http://www.mcall.com/business/mc-phillipsburg-mall-sold-20130111,0,6549066.story