At the time of the purchase, the property had an outstanding balance of $34.3 million on a mortgage that originated in 1997 and matures in 2007. It carries a fixed rate of 7.73%.
The 745,394-sf enclosed regional mall is at the intersection of Rte. 22 and Colonial Park Rd. Major anchors are Boscov's, Sears and The Bon Ton. Other tenants include RadioShack, The Gap, Lenscrafters, General Nutrition Center, Foot Locker, Victoria's Secret and Verizon Wireless.
"The acquisition is in keeping with our strategy of redeploying a portion of the proceeds from community center asset sales into new investments in regional malls," said Michael P. Glimcher, president, in a statement. "With this transaction, we now have 100% ownership of 21 of our 23 regional malls."
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