by Steve Lubetkin Globest.com
A joint venture between Onyx Equities and PCCP is acquiring Westgate Mall, a 270,000-square-foot enclosed mall at 2524 Schoenersville Road in the Lehigh Valley community of Bethlehem, PA.
The sale price was not disclosed, but according to the Allentown Morning Call newspaper, deeds recorded for the sale of two properties associated with the transaction totaled $30 million. The Morning Call said the former Bon-Ton store on the property sold for $20.5 million, and the 10.4-acre portion of the property that includes most of the shopping center sold for $9.5 million.
“The Lehigh Valley is one of the fastest-growing regions within the state of Pennsylvania, supported by significant job and resulting population growth. We have seen a considerable amount of both institutional and private, out-of-market capital targeting the region and retail shopping centers in particular.”
Situated on 22.6 acres adjacent to Lehigh Valley Hospital, Westgate Mall is adjacent to the intersection of Route 22 and Route 378, providing quick regional access to Lehigh Valley, Philadelphia and New York. Westgate Mall is anchored by Weis Markets, Rite Aid and Sky Zone.
“We are pleased to have finalized this acquisition and look forward to implementing Onyx’s signature, value-add strategy in partnership with PCCP,” says Stephen Sullivan, chief investment officer at Onyx Equities.
www.omegare.com
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