Westgate Mall, Bethlehem, PA
BETHLEHEM, PA— A joint venture between Onyx Equities and PCCP is acquiring Westgate Mall, a 270,000-square-foot enclosed mall at 2524 Schoenersville Road in the Lehigh Valley community of Bethlehem, PA. The sale price was not disclosed.
The sale price was not disclosed, but according to the Allentown Morning Call newspaper, deeds recorded for the sale of two properties associated with the transaction totaled $30 million. The Morning Call said the former Bon-Ton store on the property sold for $20.5 million, and the 10.4-acre portion of the property that includes most of the shopping center sold for $9.5 million.
A team from Holliday, Fenoglio & Fowler led by managing director Chris Munley and director Michael DiCosimo marketed the property on behalf of the seller and a debt placement team led by managing directors Steven Klein and Ryan Ade worked on behalf of the buyer to secure financing.
“The Lehigh Valley is one of the fastest-growing regions within the state of Pennsylvania, supported by significant job and resulting population growth,” Munley says. “We have seen a considerable amount of both institutional and private, out-of-market capital targeting the region and retail shopping centers in particular.”
“HFF appreciates the opportunity to represent both Onyx Equities and PCCP in this transaction,” Klein says. “We believe the sponsorship will add significant value to the property, creating a best-in-class asset that will greatly benefit the community.”
Situated on 22.6 acres adjacent to Lehigh Valley Hospital, Westgate Mall is adjacent to the intersection of Route 22 and Route 378, providing quick regional access to Lehigh Valley, Philadelphia and New York. Westgate Mall is anchored by Weis Markets, Rite Aid and Sky Zone.
“We are pleased to have finalized this acquisition and look forward to implementing Onyx's signature, value-add strategy in partnership with PCCP,” says Stephen Sullivan, chief investment officer at Onyx Equities.
Cole Schotz represented Onyx Equities in the acquisition, joint venture with PCCP and financing. Jordan Metzger led the team that included Robert DiPisa, John Park and Samantha Epstein.
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Steve Lubetkin
Steve Lubetkin is the New Jersey and Philadelphia editor for GlobeSt.com. He is currently filling in covering Chicago and Midwest markets until a new permanent editor is named. He previously filled in covering Atlanta. Steve’s journalism background includes print and broadcast reporting for NJ news organizations. His audio and video work for GlobeSt.com has been honored by the Garden State Journalists Association, and he has also been recognized for video by the New Jersey Chapter of the Society of Professional Journalists. He has produced audio podcasts on CRE topics for the NAR Commercial Division and the CCIM Institute. Steve has also served (from August 2017 to March 2018) as national broadcast news correspondent for CEOReport.com, a news website focused on practical advice for senior executives in small- and medium-sized companies. Steve also reports on-camera and covers conferences for NJSpotlight.com, a public policy news coverage website focused on New Jersey government and industry; and for clients of StateBroadcastNews.com, a division of The Lubetkin Media Companies LLC. Steve has been the computer columnist for the Jewish Community Voice of Southern New Jersey, since 1996. Steve is co-author, with Toronto-based podcasting pioneer Donna Papacosta, of the book, The Business of Podcasting: How to Take Your Podcasting Passion from the Personal to the Professional. You can email Steve at [email protected].
