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Crown Sells Carlisle Plaza for $17 Per SF

PHILADELPHIA-The Johnstown, PA-based REIT disposes of its smallest mall, a combination enclosed facility and adjacent strip center in Carlisle, PA. Locally based Carlisle Realty Partners pays $5.8 million for the 342,000-sf property, which has been operating at a small loss.

By Marita Thomas | Updated on November 04, 2002

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.

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