Transaction will help revitalize local community
Pottstown, PA–April 11, 2016— CBRE Group, Inc. (CBRE) is pleased to announce that Jim Pasquarella and Bill Tourtellotte have arranged the sale of Coventry Mall, a 796,869 square-foot property located at 351 W. Schuylkill Road in Pottstown, Pennsylvania. 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 recession,” said 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.”
Pennmark CFO Robert Sichelstiel said, “We appreciate the strong support of our communities and local government agencies. We believe the robust interest in rural communities is an acknowledgement of our successful focus on opportunistic investments in real estate.”
Focused on the Mid-Atlantic area of the U.S., the Pennmark team of investment professionals makes opportunistic investments across retail centers in secondary and tertiary markets.
“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 F. Cafiero, Principal of Pennmark.
Pennmark’s five prior funds have been active in most areas of commercial real estate including, retail, office, industrial, flex, the hospitality industry and most recently, conversion of prior uses to first class medical centers in areas such as Beaver Falls, PA, Waynesburg, PA and Sewell, NJ. In commercial real estate, Pennmark has invested in over three million square feet in areas such as Clearfield, Pennsylvania, Washington Courthouse, Ohio, Lancaster, Pennsylvania, and many more Pennsylvania, New Jersey, New York, and Ohio markets.
“The successful repurposing of a mall location is never easy and requires an owner with vision and a local community 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 square-foot retail destination consisting of an enclosed regional mall, a neighboring strip and three additional outparcel developments. The enclosed mall portion of the property consists of approximately 684,660 square-feet that was originally constructed in 1966 and is anchored by Boscov’s, Kohl’s and Dick’s Sporting Goods. A fourth anchor space was previously occupied by Sears.
About Pennmark Properties
Operated in the U.S. since 1972, Pennmark has been successfully developing commercial properties that bring together superior tenants, prime locations and exciting architectural designs. It is The Pennmark Process that is at the heart of our success in managing numerous commercial properties throughout the Delaware Valley, which brings together strong site selection, creative leasing solutions and a thorough design and construction implementation. Christopher Cafiero, VP of Construction and Property Management is able to plan and construct medical centers at generally half the cost of major medical agencies.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2015 revenue). The Company has more than 70,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 400 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.
