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PLYMOUTH MEETING, PA-Fameco Real Estate has been tapped by Prizm Asset Management Co. to lease out three of the retail properties it has under its management for a total of slightly more than 1.2 million sf. Based in Scranton, Prizm Asset Management was formed by Boscov’s Department Store–an anchor tenant at all three malls–to manage its own portfolio of regional malls and office properties. In addition to the malls, Prizm’s portfolio also includes the Oppenheim Building, the Samter Building and the Scranton Enterprise Center.

Adam Kohler and Michael Gray are leading Fameco’s leasing team for the malls, which are the 563,774-sf Mall at Steamtown in Scranton, anchored by Boscov’s, Bon Ton, Steve & Barry’s and Marquee Cinemas; the 372,128-sf Reading Mall, anchored by Boscov’s and Staples, and the 402,440-sf Lebanon Valley Mall, anchored by Boscov’s and the Great Escape Theatres. The malls are 93.7%, 96% and 85% occupied, respectively.

Kohler tells GlobeSt.com that retail is performing well in these markets, despite an uncertain economy. “The general locations of each of the three properties are good solid areas located in middle income communities.” That, plus the relatively high levels of occupancy mean the firm’s mission for these properties will be more traditional leasing, than a value-add lease-up strategy, he says.

The mall with largest vacancy rate–Lebanon Valley Mall–currently has two anchor slots that are empty, at 51,000 sf and 67,000 sf, he says. “Our marketing efforts will be focused on either finding a single box tenant or on chopping the spaces into mid sized boxes,” Kohler says. Lebanon is located close to the Harrisburg market, but nonetheless insulated enough from it to attract strong national retailers, he says.

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