Plymouth Meeting-based Pennmark Management Co. has
purchased the 797,000-square-foot Coventry Mall in Pottstown, commercial real
estate firm CBRE said in a release on Monday.
Pennmark plans to add restaurants and entertainment
venues to the property, now anchored by Boscov's, Kohl's and Dick's Sporting
Goods, according to CBRE, which helped broker the deal. A fourth anchor space
was previously occupied by Sears.
The mall is the first of several planned investments
through a $60 million fund that closed in November 2015, Pennmark principal
Donald F. Cafiero said in the release. CBRE did not immediately respond to an
email seeking the Coventry Mall's sale price and other details of the
transaction.
Source: Philly.com
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