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Wednesday, 24 September 2014

North Hanover Mall in Pennsylvania Sold for $16Mln

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Commercial Real Estate Direct Staff Report

Mason Asset Management has paid roughly $16 million, or $35/sf, for the 452,000-square-foot North Hanover Mall in Pennsylvania.

The Great Neck, N.Y., company acquired the mall, at 1155 Carlisle St. in Hanover, which is roughly 40 miles northwest of Baltimore, between Gettysburg and York, Pa., from Pennsylvania REIT in a deal arranged by JLL.

Mason has purchased other properties from the REIT. It paid $11.5 million for the 574,000-sf Phillipsburg Mall in Phillipsburg, N.J., and $8.8 million for the 454,423-sf Chambersburg Mall in Chambersburg, Pa.

Non-anchor stores at North Hanover Mall, which was constructed in 1965 and renovated in 2012, generate annual sales of roughly $275/sf.

It is 73 percent occupied and anchored by JCPenney, which occupies 99,000 sf, and Sears, which is in 104,000 sf.

It was one of two non-core malls that PREIT sold. The other was the Nittany Mall, at 2901 East College Ave. in State College, Pa., which it sold for $16 million.

Comments? E-mail Josh Mrozinski or call him at (267) 247-0112, Ext. 213.



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Additional Info

  • Syndicate to Realpoint: No
  • States: Pennsylvania
  • Sector: Retail
  • Subject: Property Acquisitions (ACQ)
  • Company: Pierce, Fenner & Smith
  • Valuation: Between $10 million and $25 million
  • Private: No
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Data Digest

 

CMBS DELINQUENCY VOLUME

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CMBS SPECIAL SERVICING VOLUME

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Top Bookrunners Domestic, Private-Label CMBS - 2017
Investment Bank #Deals Vol$mln MktShr%
Goldman Sachs 17.59 11,819.34 13.68
JPMorgan Securities 14.52 10,968.11 12.70
Citigroup 12.04 10,012.71 11.59
Wells Fargo Securities 14.02 9,936.06 11.50
Deutsche Bank 12.55 9,879.74 11.44

 

RCA CPPI

 

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CMBS 2.0 Spreads

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Top CMBS Loan Contributors - 2017
Lender #Loans Vol$mln MktShr%
Goldman Sachs 146.89 11,719.34 13.63
JPMorgan Chase Bank 117.68 10,114.14 11.76
Deutsche Bank 198.48 9,689.97 11.27
Morgan Stanley 166.18 8,539.78 9.93
Citigroup 199.05 8,088.24 9.41

 

 

 

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