PHILLIPSBURG, NJ-Pennsylvania Real Estate Investment Trust has sold the troubled Phillipsburg Mall here for $11.5 million to Mason Asset Management of Great Neck, NY.

PREIT announced the deal in a press release. The identity of the buyer was revealed by both parties in a story in The Express-Times. The property had been on the market for sale since last spring. PREIT said last May it was putting the Phillipsburg Mall, which straddles Lopatcong and Pohatcong townships, up for sale along with other properties in order to trade non-core assets as well as lower corporate debt.

Mason Asset Management owner Elliot Nassim says the firm plans to upgrade the mall, which according to PREIT had a 66.1% occupancy rate among its non-anchor space. The anchors of the 574,000-sf mall are Kohl’s, The Bon-Ton, JC Penney and Sears. See story in The Express-Times.