Thank you for sharing!

Your article was successfully shared with the contacts you provided.

PHILADELPHIA-Johnstown, PA-based Crown American Realty Trust has sold Carlisle Plaza Mall, an enclosed shopping mall and adjacent strip center, in Carlisle, PA, totaling 342,000 sf. A local limited partnership, Carlisle Realty Partners, paid $5.8 million, or about $16.86 per sf for the property.

This was Crown American’s smallest mall and a “non-strategic asset,” according to chairman and CEO Mark E. Pasquerilla. In a statement, he said it has been operating at small losses, less than a penny per share, in recent years, but had contributed small positive amounts, also less than a penny per share, to funds from operation.

The sale generates a gain of approximately $400,000 for the REIT and a loss on early retirement of debt of approximately $80,000 related to writing off unamortized deferred financing costs, according to the statement.

The property had secured and unsecured debt of approximately $6.7 million, which will be paid from net proceeds of the sale and general company funds.

The Bon Ton anchors the center. Other tenants include B. Dalton, Foot Locker, GNC, K-B Toys, JoAnn Fabrics and Radio Shack.

Crown American’s current portfolio of enclosed regional malls encompasses more than 16 million sf.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.