Thursday, September 27, 2012

West Manchester Mall Trades Hands for $17.5M

The Lightstone Group sold the 742,000-square-foot, high-vacancy West Manchester Mall to M&R Investors for $17.5 million, less than $24 per square foot. 

Located at 1800 Loucks Rd. in York, PA, West Chester Mall sits on 143 acres in the York County submarket of Philadelphia. The property was 32 percent vacant at the time of sale with nearly 240,000 square feet of space available for lease. M&R Investors plans to redevelop the property. 

The property was initially on the market a year ago, when sources estimated that the sale could attract more than $30 million, before Bon-Ton decided not to renew its lease at the mall.

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