POTTSTOWN, PA—Pennmark Management Company has acquired Coventry Mall, a 796,869 square-foot property located at 351 W. Schuylkill Road in Pottstown, PA. Pennmark plans to add dining and entertainment destinations to the property. CBRE Group's Jim Pasquarella and Bill Tourtellotte brokered the sale.
“Pennmark's involvement in the Coventry Mall signals a huge step in the right direction towards helping rejuvenate a mall and community that struggled through the recession,” says Pasquarella. “As we have seen in Pennmark's prior projects, their investment will create jobs and bring a new and exciting energy to North Coventry Township.”
“We appreciate the strong support of our communities and local government agencies,” says Pennmark CFO Robert Sichelstiel. “We believe the robust interest in rural communities is an acknowledgement of our successful focus on opportunistic investments in real estate.”
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