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PHILADELPHIA-Thor Equities acquired the Cheltenham Square Mall for $71.5 million, or about $112 per sf, according to the Holliday Fenoglio Fowler investment sales team that arranged the trade with Indianapolis-based Simon Property Group. As a part of the deal, New York City-based Thor assumed a $54.9-million loan on the property from Bank of America.

The 638,098-sf shopping center at 2385 W. Cheltenham Ave. was built in 1957 and remodeled and enclosed in 1981. Anchors are Burlington Coat Factory, Value City, Home Depot and Shop Rite. It is historically 90% leased, according to HFF.

The team that negotiated the sale includes John H. Pelusi Jr., executive managing director, and Claudia A. Steeb, associate director of HFF’s Pittsburgh office, and C. Christopher Turner, senior managing director of the Atlanta office. Pelusi says arranging the deal required getting approval for the assumption of the existing debt “not only with Bank of America, but also with the special servicer [Toronto-based LNR Corporate Real Estate Advisors] and rating agencies [Moody's and S&P].”

The price falls toward the lower end of the scale for multi-tenant retail property sales in the Philadelphia MSA, according to a 2005 mid-year report from the local office of Marcus & Millichap. It cites prices ranging from $101 per sf to $183 per sf and puts the median at $150 per sf.

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