FNF acquired a controlling interest in the site from Jim Ertle, an area landholder and developer, in a deal negotiated by John Fasciano, a partner, and Michael Seaman of Conshohocken-based Fameco Real Estate. "FNF contracted to purchase the project about five months ago," Fasciano tells GlobeSt.com, "and once the approvals were complete, it acquired a controlling interest." He declined to disclose FNF's purchase price or the proportion of its interest in the development. Fameco will manage the center.
Fasciano says that Lowe's and Kohl's have preleased anchor spots, each for units of approximately 100,000 sf. Lease agreements have also been obtained from Red Robin, Pennstar Bank and Longhorn. David Orkin of Feasterville-based RAF Brokerage, which specializes in restaurant deals, is handling additional leasing, including the ground lease for the pad.
The estimated development cost of Crossroads Mall is undisclosed. On condition of anonymity, a person familiar with retail development in this area tells GlobeSt.com, "the investment will probably be in the area of $30 million." The center is scheduled to open this fall.
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