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Old 08-27-2016, 05:32 PM
 
3,678 posts, read 1,708,146 times
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Built in 1982 at Interstate 81's Exit 20 between Chambersburg and Shippensburg, the 455,000-square-foot Chambersburg Mall was supposed to be the premiere shopping destination for the two communities' residents. However, it cannot seem to shake a long-held perception that it is a "dying mall."

General Manager Daniel B. May knows what people say about the mall, but he holds a different view.


Chambersburg Mall tries to shake 'dying mall' perception | Pennsylvania | heraldmailmedia.com

The word on the street is that Rural King (similar to Tractor Supply) will occupy the former JCPenney. However, Rural King seems to seek out dying and dead malls for stores, so it isn't a "boon" so to speak. Chambersburg Mall has lost Subway, Bonanza, Bon Worth and Sea the Source in recent months. The Shoe Department is being replaced by Show Show at a location closer to Chambersburg. This is one untouched early 80's Crown American mall that is on its last legs.

Last edited by toobusytoday; 08-29-2016 at 05:37 AM.. Reason: removed copyrighted photo - please post links, not photos
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Old 08-28-2016, 03:43 PM
 
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I bought Crown American Realty Trust a long time ago when Frank Pasquerilla of Johnstown, PA was the guiding light. Crown American merged with Pennsylvania Real Estate Investment Trust and PEI has been divesting underperforming malls such as the Schuylkill, Nittany and Chambersburg. Several others are still for sale including the Lycoming Mall.

Crown American put their malls in smaller urban areas that big mall operators such as Simon Property Group and General Growth Properties avoided.

The new owner of the Chambersburg Mall is Mason Asset Management, which specializes in distressed shopping centers. Its head is Elliot Nassim, a stealth figure. Closely associated with Nassim is a person named Igal Namdar who runs Namdar Realty Group. Both individuals have middle eastern connections.
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Old 08-28-2016, 05:49 PM
 
3,678 posts, read 1,708,146 times
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Originally Posted by Wells5 View Post
I bought Crown American Realty Trust a long time ago when Frank Pasquerilla of Johnstown, PA was the guiding light. Crown American merged with Pennsylvania Real Estate Investment Trust and PEI has been divesting underperforming malls such as the Schuylkill, Nittany and Chambersburg. Several others are still for sale including the Lycoming Mall.

Crown American put their malls in smaller urban areas that big mall operators such as Simon Property Group and General Growth Properties avoided.

The new owner of the Chambersburg Mall is Mason Asset Management, which specializes in distressed shopping centers. Its head is Elliot Nassim, a stealth figure. Closely associated with Nassim is a person named Igal Namdar who runs Namdar Realty Group. Both individuals have middle eastern connections.
Mason Asset Management/Namdar seems more like a mall slumlord than a reputable owner. None of the malls they own ever seem to improve after they purchase them. I'm willing to be that Chambersburg Mall will be passed around from owner to owner after Namdar is done with it.
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Old 08-31-2016, 09:18 AM
 
Location: Williamsport PA
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Originally Posted by Wells5 View Post
Several others are still for sale including the Lycoming Mall.
I think the Lycoming Mall is doing pretty well. It has never changed much from its glory days. I still go there often because the mall still has a book store, Books-A-Million,and a DVD store, FYE.

The Columbia Mall located just outside of Bloomsburg, PA is really dying. It hardly has any stores left.
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Old 08-31-2016, 10:34 AM
 
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Originally Posted by rsrobbins View Post
I think the Lycoming Mall is doing pretty well. It has never changed much from its glory days. I still go there often because the mall still has a book store, Books-A-Million,and a DVD store, FYE.

The Columbia Mall located just outside of Bloomsburg, PA is really dying. It hardly has any stores left.
Bloomsburg Mall is kind of like Chambersburg Mall; they were both built far beyond the population centers of the area.
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Old 08-31-2016, 12:18 PM
 
2,143 posts, read 1,736,396 times
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Quote:
Originally Posted by rsrobbins View Post
I think the Lycoming Mall is doing pretty well. It has never changed much from its glory days. I still go there often because the mall still has a book store, Books-A-Million,and a DVD store, FYE.

The Columbia Mall located just outside of Bloomsburg, PA is really dying. It hardly has any stores left.
I didn't check first but the Lycoming Mall has already been sold. From the PREIT website.


"Today, PREIT announces four, just completed, additional mall disposition transactions, including:
  • Lycoming Mall being sold for $26.35 million. Lycoming Mall in Pennsdale, Pa., is anchored by JC Penney, Sears, Bon-Ton and Macy's.
  • A three mall package being sold for $66 million, inclusive of $17 million in seller financing. PREIT may also be entitled to $3.5 million of additional consideration for these malls if certain conditions are met in future years. The properties in this transaction are:
    • Gadsden Mall in Gadsden, Ala., which is anchored by Belk, JC Penney and Sears.
    • New River Valley Mall in Christiansburg, Va., which is anchored by Belk, Dick's Sporting Goods, JC Penney and Kohl's.
    • Wiregrass Commons Mall in Dothan, Ala., which is anchored by Belk, Burlington Coat Factory, Dillard's and JC Penney."
Also a couple of weeks ago, PREIT announced the sale of the "Washington Crown Center," Washington, PA.

They have one more Crown American property to sell. Frank Pasquerilla must be rolling in his grave to see his mall empire being disposed of.
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Old 09-08-2016, 02:44 PM
 
1 posts, read 466 times
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Quote:
Originally Posted by Dequindre View Post
Mason Asset Management/Namdar seems more like a mall slumlord than a reputable owner. None of the malls they own ever seem to improve after they purchase them. I'm willing to be that Chambersburg Mall will be passed around from owner to owner after Namdar is done with it.
You are absolutely right about Namdar Realty Group. I've worked at one of their malls and it is falling apart. Equipment is not serviced regularly, roofs leak, badly. They are dirt cheap. They always go with the absolute lowest bidder on service or repair. They are retail slum lords.
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Old 09-08-2016, 03:41 PM
 
3,678 posts, read 1,708,146 times
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Originally Posted by Maintenance Man View Post
You are absolutely right about Namdar Realty Group. I've worked at one of their malls and it is falling apart. Equipment is not serviced regularly, roofs leak, badly. They are dirt cheap. They always go with the absolute lowest bidder on service or repair. They are retail slum lords.
And they own quite a few malls in PA (including Nittany Mall in State College, North Hanover Mall in Hanover, and they just bought a couple of malls near Pittsburgh).

I've been told by mall employees that Chambersburg Mall is starting to suffer from maintenance issues as well. The floors are cracking quite a bit, the parking lot needs completely reconfigured and recoated, and the whole structure smells really musty (as if they're only using air conditioning as the bare minimum).

Honestly, I think they're prepping Chambersburg Mall to sell to a redeveloper. They haven't signed any long-term leases in the enclosed portion of the mall for a few years. Most of the "new" stuff in there are mom-and-pop type places that have monthly leases, not long-term ones. Firms specializing in mall redevelopment (a.k.a. "de-malling") don't want to have to deal with terminating long-term leases. As for anchors, a redeveloper could simply build an open-air development around the existing anchor buildings (4, in Chambersburg Mall's case).
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