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Last sold in 2005 for $71.5 million, the Cheltenham
Square Mall (also called Cheltenham Mall) has sold for roughly $30 million.
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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.
In 2012, Thor sought to renegotiate the terms of that
loan, which was made through Bank of America. Unable to do so, the loan was
shipped to the special servicer in June of 2012. A receiver was later appointed
by the U.S. District Court for the Eastern District of Pennsylvania to explore
the sale of the property. Of the original loan, $51 million remains outstanding
on it. Torchlight Investors was the special servicer.
The mall sits on 65 acres and has Target, Home Depot and
ShopRite as anchors. It was constructed in 1957 and then enclosed 1981.
Source: Philadelphia
Business Journal
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