Wednesday, April 13, 2016

Pennmark Management Acquires Pottstown Mall Property

by Steve Lubetkin, Globest.com
Pennmark Management Company has acquired Coventry Mall, a 796,869 square-foot property located at 351 W. Schuylkill Road in Pottstown, PA.  Pennmark plans to add dining and entertainment destinations to the property.

“Pennmark’s involvement in the Coventry Mall signals a huge step in the right direction towards helping rejuvenate a mall and community that struggled through the recession. As we have seen in Pennmark’s prior projects, their investment will create jobs and bring a new and exciting energy to North Coventry Township.”

“We appreciate the strong support of our communities and local government agencies,” says Pennmark CFO Robert Sichelstiel. “We believe the robust interest in rural communities is an acknowledgement of our successful focus on opportunistic investments in real estate.”

Focused on the Mid-Atlantic area of the US, Pennmark makes opportunistic investments across retail centers in secondary and tertiary markets.

Coventry Mall consists of an enclosed regional mall, a neighboring strip and three additional outparcel developments. The enclosed mall portion of the property consists of approximately 684,660 square-feet that was originally constructed in 1966 and is anchored by Boscov’s, Kohl’s and Dick’s Sporting Goods. A fourth anchor space was previously occupied by Sears.

“Coventry Mall is the first of several planned investments that are part of its sixth fund, which closed in November 2015 with $60 million."

Pennmark’s five prior funds have been active in most areas of commercial real estate including, retail, office, industrial, flex, the hospitality industry and most recently, conversion of prior uses to first class medical centers in areas such as Beaver Falls, PA, Waynesburg, PA and Sewell, NJ. In commercial real estate, Pennmark has invested in more than three million square feet in areas such as Clearfield, Pennsylvania, Washington Courthouse, Ohio, Lancaster, Pennsylvania, and many more Pennsylvania, New Jersey, New York, and Ohio markets.

“The successful repurposing of a mall location is never easy and requires an owner with vision and a local community willing to work with the property owner,” says Kevin Hennessey, North Coventry Township Manager. “In this case, North Coventry Township and Pennmark are a great fit and we look forward to working with them to rejuvenate the Coventry Mall.”
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