CHELTENHAM, PA—A court-appointed special servicer has put the639,000-square-foot Cheltenham Square Mall on themarket for sale.


CBRE has been hired to market the enclosed mallat 2385 Cheltenham Ave. to prospective investors. New YorkCity-based Thor Equities acquired the center fromSimon Property Group in 2005 for $70.5 million with the assumptionof a $54.9-million CMBS loan that was backed by a423,000-square-foot portion of the property, according to thePhiladelphia Business Journal. Thor was unsuccessful in itsattempts to renegotiate the loan through Bank ofAmerica and a special servicer was later appointed by theU.S. District Court for the Eastern District ofPennsylvania.


The mall is located on 65 acres and is 90% occupied. It isanchored by Target, Home Depot, and ShopRite. Other retailers atthe mall include TD Bank, Chili's and Chick-Fil-A.


CBRE's Peter Stevens expects significantinvestor interest for the retail center that was constructed in1957 and enclosed in 1981.


"We think the highest and best use here is retail," Stevenssays. "This is not a scenario where this is the third mall in a twomall town." See story in the Philadelphia Business Journal.

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John Jordan

John Jordan is a veteran journalist with 36 years of print and digital media experience.