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01-01-2016, 05:08 PM
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161 posts, read 332,523 times
Reputation: 62
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Not sure it was mentioned who the actual buyer was, but it appears to be Mason Asset Management and Namdar Realty Group. The mall management also came out saying the new "...owners have said that there is no evidence of any immediate anchor closings....". N.Y. firms bought the former Echelon Mall | NJ.com
By the way, according to this report, Voorhees was PREIT's lowest sales per sq. ft. ($206). Cherry Hill Mall by contrast, the chain's highest performer, is at $627/sq. ft./year. |
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01-08-2016, 12:51 PM
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122 posts, read 164,108 times
Reputation: 50
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Quote:
Originally Posted by CH101
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Yes, it's good news for the employees and the community. Boscov's is also not closing (according to a statement in a recent Inquirer article).
Nonetheless, it was odd that PREIT renovated the interior of the mall fully knowing that the chains needed in the enclosed space were gone, and more recently decided to quick sell the mall at a loss.
That investment could have been made at Moorestown Mall, which it views as more strategically necessary to keep co-owned with Cherry Hill Mall. Most of Moorestown Mall's enclosed space is unsightly.
PREIT will be pre-occupied with the former Gallery, and Exton Square Mall former JCPenney space. |
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01-08-2016, 11:27 PM
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122 posts, read 164,108 times
Reputation: 50
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Quote:
Originally Posted by Leps12
Does Acme actually own the Genuardi's building? I know of the merger, but the Voorhees store closed before the merger happened, so I don't think it was like Acme bought the building out. Unless Safeway still held the deed until the merger and then sold it to Acme. I don't know. I'm not acute on business law.
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It's a Safeway building. I don't know how aggressive they will be in trying to re-purpose this site, but it likely won't go to as a competitor grocer to Acme, whereas before the merger, atleast the possibility of Safeway selling to such was there.
Also, I never liked that the Dunkin Donuts obscures the visibility of the site. I never understood why Genuardi's accepted that in the first place, when agreeing to go into the site.
That Genuardi's took a hit when the Target across the street expanded it's grocery. It closed before the Wal-Mart Supercenter of Somerdale opened but while construction of that store was in progress.
Last edited by marltonguy; 01-09-2016 at 12:05 AM..
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01-12-2016, 08:15 PM
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1,323 posts, read 1,426,090 times
Reputation: 1711
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Quote:
Originally Posted by CH101
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Sure, it's good news. So, is it somehow in a weird way actually going to be Boscov's that is closing? Either that or Macy's changed their minds learning that Echelon was going to be under a new owner.
Either way, it's only good news so much as it keeps a business there and some people employed. I don't think it's going to mean any brighter a future for that Macy's though, and they will still be vulnerable to closure in due time unless some radical shift takes place. |
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