Tuesday, January 27, 2015

Cheltenham Square Mall sells for $30M

by Natalie Kostelni Staff writer for the Philadelphia Business Journal

Cheltenham Square Mall, once a go-to retail center in this Montgomery County community, has sold for around $30 million.

Sun Equity Partners, a New York firm that specialized on buying and redeveloping properties in metropolitan areas and urban markets, bought the property. The company, which owns more than 10 million square feet across the county, is still formulating its plans for Cheltenham Square Mall, according to Avy Azeroual, an executive at the firm.

"They are creative and good at what they do and our expectations are that they will will do a very good job with the property," said Peter Stevens, an investment broker with CBRE Inc. who arranged the transaction.

Cheltenham Square Mall has seen better days. It was foreclosed upon and put up for sale last summer.

The 639,000-square-foot retail property at 2385 Cheltenham Ave. in Cheltenham, Pa., last sold in 2005 for $71.5 million. At the time, New York-based Thor Equities bought the center from Simon Property Group with the assumption of a $54.9 million CMBS loan that was backed by a 423,000-square-foot portion of the property.

Full story: http://tinyurl.com/qhawoz7

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