Struggling NJ mall owners ‘ideally’ looking at sale
PHILLIPSBURG, N.J. (AP) — The owners of a struggling New Jersey mall say they are looking at a sale of the property, which has lost several anchor stores in recent years.
The president of Mason Asset Management, Elliot Nassim, says he and his partners are “ideally” looking at selling the Phillipsburg Mall The (Allentown) Morning Call reported.
The company said last year that it was looking at redevelopment, sale or joint venture for the 30-year-old shopping center on Route 22 that straddles Pohatcong and Lopatcong townships. But Nassim told the paper Tuesday that the company isn’t really equipped to handle a redevelopment “so we’re looking at third parties to come in and try to do something else with it.”
“We’re talking to a couple of groups already,” he said.
The property’s assessed value cited in a tax court case earlier this year in was about $24 million, down from about $29 million last year.
Mason Asset Management and Namdar Realty Group bought the 577,000-square-foot mall in 2013 for $11.5 million, but J.C. Penney closed the following year and the mall has since lost anchors Sears and The Bon-Ton, after which the owners demolished those two spaces. Kohl’s and Black Rose Antiques remain at the mall.