Thank you for sharing!

Your article was successfully shared with the contacts you provided.

(For more retail coverage, click GlobeSt.com/RETAIL.)

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.

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?

GlobeSt. NET LEASE Spring 2021Event

This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.

Get More Information


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.