Feldman acquired the center in joint venture with Philadelphia-based Lupert Adler in October 2003 for $17.5 million. Since then, it has completely renovated the property, which was built in 1969, and attracted three major anchors, including a 225,000-sf Bass Pro Shop, a 185,000-sf Boscov's, and a 180,000-sf Hecht's. Hecht's will become Macy's later this year.
"Our objective was to make Harrisburg Mall the number one center in the Harrisburg market," Larry Feldman, CEO, tells GlobeSt.com. "With powerful national anchors under long-term commitments, and our renovations, we have the foundation in place to achieve our goal.
"The next step is to create excitement in a streetscape at street-level with the theater, a series of sit-down restaurants and other destination retail." He says the investment in Phase II "will be between $20 million and $25 million" and take the entire center to above one million sf. He anticipates completion of Phase II in winter or spring 2007. Mark Nobile, the mall's general manager, tells GlobeSt.com occupancy, not including the theater and another junior anchor, is 80%.
Lamar Fields of Bows Real Estate and Steve Clipman and Joe Spagnola of Penn Partners Commercial Real Estate represented Aliance. Feldman was represented in house.
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