Route 22 Bridge Construction (Allentown, Easton: sales, 2015, tenants)

[blazerj]

Just an FYI for all of the commuters to NJ. The Easton-Phillipsburg toll bridge (Rt. 22) is going to be under construction starting Monday until Spring of 2015 (yes, that's almost 2 years!) and will be 1 lane in each direction during most of that time.

Hopefully, all of the 78 bridge construction is over soon.

Phillipsburg, Easton officials prepare for Route 22 construction | lehighvalleylive.com

[PacoMartin]

It looks like they unloaded P-burg mall for $11.5 million just in time.

PREIT lists 66.1 percent occupancy among non-anchor sites at Phillipsburg Mall with average sales of $235 per square foot. That compares with average occupancy of 89.1 percent and sales of $379 per square foot in PREIT's companywide portfolio that includes 37 shopping malls.

So it is already vastly unerperfroming.

Phillipsburg Mall: In 2011, PREIT recorded a loss on impairment of assets at Phillipsburg Mall in Phillipsburg, New Jersey of $28.0 million to write down the carrying value of the property’s long-lived assets to the property’s estimated fair value of $15.0 million. During 2011, Phillipsburg Mall experienced significant decreases in non-anchor occupancy and net operating income as a result of unfavorable economic conditions in the Phillipsburg, New Jersey trade area, combined with negative trends in the retail sector. The occupancy declines resulted from store closings of underperforming tenants. Net operating income at this property was also affected by an increase in the number of tenants paying a percentage of their sales in lieu of minimum rent, combined with declining tenant sales. As a result of these conditions, during the third quarter of 2011, in connection with the preparation of our 2012 business plan and budgets, we determined that the estimated undiscounted future cash flows, net of estimated capital expenditures, to be generated by the property were less than the carrying value of the property, and recorded the impairment loss.

PREIT still owns all or part of three malls in the Lehigh Valley comprising over 2 million square feet.
Lehigh Valley Mall Allentown PA 50% 1973 1,158,000
Palmer Park Mall Easton PA 100% 1972/2003 458,000
South Mall Allentown PA 100% 2003 405,000
Total Malls 27,628,000

[blazerj]

Originally Posted by PacoMartin

It looks like they unloaded P-burg mall for $11.5 million just in time.

For sure. If the amount of cars passing by that area decreases significantly, all of the businesses on 22 in the Phillipsburg area will suffer.