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

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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.

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

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"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.