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