Crown American Sells 931,000-SF Mall to its CEO for $11.4M

OAK RIDGE, TN-Crown American Realty Trust has sold the 931,000-sf Oak Ridge Mall for $11.4 million to Crown Investments Trust, an entity owned by its president and CEO Mark Pasquerilla.

Opened in 1989, the mall is anchored by JC Penney (64,187 sf), Sears (75,218 sf), Proffitt’s (64,187 sf) and Wal-Mart (210,000 sf). Another 53,471-sf anchor space is vacant. The mall includes another 236,671 sf of freestanding buildings and 226,869 sf of small shop space. In explaining the sale, Crown American described the property as “an under performing property that continues to deteriorate.”

The purchase price was satisfied by Paquerilla’s company and its subsidiary reducing its stake in Crown American Realty’s operating partnership Crown American Properties LP by 1,159,794 common partnership units.