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Feldman Buys and Plans $40M Upgrade of Harrisburg East Mall

HARRISBURG, PA-In a joint venture partnership with Lubert-Adler, Feldman Equities acquires the 840,000-sf property and concurrently inks leases with Bass Pro Shop and Boscov's to fill anchor space being vacated by Lord & Taylor and JCPenney.

By Marita Thomas | Updated on October 06, 2003

HARRISBURG, PA-Phoenix-based Feldman Equities and Philadelphia-based joint-venture partner Lubert-Adler bought the 840,000-sf Harrisburg East Mall from Prudential Insurance Co. of America. The price is undisclosed, but, on condition of anonymity, a source familiar with the transaction tells GlobeSt.com the JV paid $17.5 million.

Larry Feldman, CEO of the company that bears his name, tells GlobeSt.com the new owner will invest more than $40 million in capital expenditures and tenant upgrades at the property over the next two years.

Concurrent with the acquisition, Feldman inked leases for an aggregate 410,000 sf with two new major anchors and a long-term renewal with Hecht’s for 180,000 sf. Springfield, MO-based Bass Pro Shops will convert space currently occupied by Lord & Taylor into a 225,000-sf fishing, hunting, camping and boating mecca. Bass Pro, which has gained “destination” status, attracts an estimated three million shoppers a year. The local unit will be the largest Bass Pro store other than its flagship location in Springfield.

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