16A — April 29 - May 12, 2016 — Shopping Centers — M id A tlantic
Real Estate Journal
www.marejournal.com
S hopping C enters
CBRE appoints Steven Gartner managing director of retail for greater PA region Pasquarella and Tourtellotte of CBRE PA ink sale of 800,000 s/f Coventry Mall in Pottstown P
s i on , ” sa i d Pasquarella. “As we have seen in Pen- nmark’s pri- or projects, their invest- ment will cre- ate jobs and bring a new and exciting energy to North Coventry Township.” Pennmark CFO Robert Si- chelstiel said, “We appreciate the strong support of our com- munities and local government agencies. We believe the robust interest in rural communities Steven Gartner
is an acknowledgement of our successful focus on opportunis- tic investments in real estate.” “Coventry Mall is the first of several planned investments that are part of its sixth fund, which closed in November 2015 with $60 million,” said Donald Cafiero , principal of Pennmark. “The successful repurpos- ing of a mall location is never easy and requires an owner with vision and a local com- munity willing to work with the property owner,” said Kevin Hennessey , North Coventry Township manager. “In this case, North Coventry Township and Pennmark are a great fit and we look forward to working with them to rejuvenate the Coventry Mall.” Coventry Mall is a 796,869 s/f retail destination consisting of an enclosed regional mall, a neighboring strip and three additional outparcel develop- ments. The enclosed mall por- tion of the property consists of approximately 684,660 s/f that was originally constructed in 1966 and is anchored by Boscov’s, Kohl’s and Dick’s Sporting Goods. A fourth an- chor space was previously oc- cupied by Sears. IN OTHER NEWS. . . CBREGroup, Inc. announced that Steven Gartner has been appointed to managing director of retail for the Greater Penn- sylvania Region. As a notable regional and national figure in the retail real estate industry, Gartner will lead CBRE’s retail brokerage platform through- out the region, driving growth and creating a cohesive and collaborative service offering for retail clients. Gartner will continue to actively maintain strategic client relationships both in Philadelphia and across the country. With a thirty year career en- tirely dedicated to commercial real estate brokerage, Gartner will oversee all retail activities in Pennsylvania, Southern New Jersey and Delaware, while also becoming an integral com- ponent in driving CBRE’s na- tional focus beyond the region. Gartner joined CBRE in De- cember 2014 as executive vice president for retail as a part of its Global High Street Retail Practice for both occupiers and owners, and in his new role, will still be involved in grow- ing that endeavor. Prior to joining CBRE, Steve served as president and partner of Metro Commercial Real Estate. n
OTTSTOWN, PA — CBRE Group, Inc . (CBRE) announced that Jim Pasquarella and Bill Tourtellotte have arranged the sale of Coventry Mall, a 796,869 s/f property located at 351 W. Schuylkill Rd. in Pottstown. Pennmark Management Company has acquired the mall with plans to infuse dining and entertainment destinations. “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 reces-
Coventry Mall
LAND DEVELOPMENT CONSULTANTS
Visit us at the ICSC RECon Las Vegas | www.bohlereng.com
Made with FlippingBook - Online catalogs