This is the fourth asset acquired by the Bala Cynwyd, PA-based fund, which has an aggregate asset capitalization of approximately $235 million. Earlier this year it acquired similarly sized McKinley Mall in Buffalo, NY.
The Coventry acquisition includes ownership of all the anchor stores. Kohl's and Dick's Sporting Goods recently completed new leases at the property.
Mark Curcio, SVP of retail properties for Stoltz, tells GlobeSt.com the mall is currently over 98% occupied. "It has consistently been well-occupied," he says. Coventry was built in the late 1960s. Among the anchors are Sears, Boscov's, and Bon Ton. Curcio says he cannot identify the seller. According to published reports, however, which Curcio did not deny, Goodman Co., a privately held company in West Palm Beach FL, is the mall's previous owner.
This acquisition coincides with a recent report from the Philadelphia office of Marcus & Millichap predicting strong demand for retail properties in this area. The Stoltz price exceeds the current median price for retail in the area in 2004, which M&M projects at slightly above $100 per sf.
Stoltz Real Estate Partners currently owns and manages a diverse portfolio of about 10 million sf, valued at approximately $1 billion. A majority of the assets are owned in joint venture with institutional investors.
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