Onyx/PCCP Joint Venture Acquires Lehigh Valley’s Westgate Mall

“The Lehigh Valley is one of the fastest-growing regions within the state of Pennsylvania, supported by significant job and resulting population growth,” says HFF's Chris Munley.

Westgate Mall, Bethlehem, PA

BETHLEHEM, PA— A joint venture between Onyx Equities and PCCP is acquiring Westgate Mall, a 270,000-square-foot enclosed mall at 2524 Schoenersville Road in the Lehigh Valley community of Bethlehem, PA. The sale price was not disclosed.

The sale price was not disclosed, but according to the Allentown Morning Call newspaper, deeds recorded for the sale of two properties associated with the transaction totaled $30 million. The Morning Call said the former Bon-Ton store on the property sold for $20.5 million, and the 10.4-acre portion of the property that includes most of the shopping center sold for $9.5 million.

A team from Holliday, Fenoglio & Fowler led by managing director Chris Munley and director Michael DiCosimo marketed the property on behalf of the seller and a debt placement team led by managing directors Steven Klein and Ryan Ade worked on behalf of the buyer to secure financing.

“The Lehigh Valley is one of the fastest-growing regions within the state of Pennsylvania, supported by significant job and resulting population growth,” Munley says. “We have seen a considerable amount of both institutional and private, out-of-market capital targeting the region and retail shopping centers in particular.”

HFF appreciates the opportunity to represent both Onyx Equities and PCCP in this transaction,” Klein says. “We believe the sponsorship will add significant value to the property, creating a best-in-class asset that will greatly benefit the community.”

Situated on 22.6 acres adjacent to Lehigh Valley Hospital, Westgate Mall is adjacent to the intersection of Route 22 and Route 378, providing quick regional access to Lehigh Valley, Philadelphia and New York. Westgate Mall is anchored by Weis Markets, Rite Aid and Sky Zone.

“We are pleased to have finalized this acquisition and look forward to implementing Onyx’s signature, value-add strategy in partnership with PCCP,” says Stephen Sullivan, chief investment officer at Onyx Equities.

Cole Schotz represented Onyx Equities in the acquisition, joint venture with PCCP and financing. Jordan Metzger led the team that included Robert DiPisa, John Park and Samantha Epstein.