Harbor Square, which used to befittingly be called Shore
Mall, has sold for $25 million.
The 344,823-square-foot mall, which counts Boscov’s,
Burlington Coat Factory and Carrabba’s as tenants, is at 6725 Black Horse Pike
in Egg Harbor Twp., N.J. It was bought by Aetna Realty of New York.
The seller, Cedar Shopping Centers of Port Washington, N.Y.,
bought the property in 2006 for $36.5 million. Occupancy is at 98.5 percent.
The Philadelphia office of Jones Lang LaSalle arranged the
transaction.
Cedar Shopping Centers demolished a 270,000-square-foot
enclosed portion of the property last year and it was transformed into an open
air center and rebranded as Harbor Square.
The property was constructed in 1968 as a regional mall and
sits on 124.6 acres of which about 50 acres are undeveloped and zoned
residential. The undeveloped land offers the buyer an opportunity to expand the
center.
Source: Philadelphia
Business Journal
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