New York companies buy Logan Valley Mall
Two Great Neck, N.Y.-based companies are the new owners of the Logan Valley Mall.
Mason Asset Management and Namdar Realty Group bought the mall for $33.2 million from Pennsylvania Real Estate Investment Trust, according to Elliot S. Nassim, president of Mason Asset Management.
“They are very excited about it. It is very well located, and they see it as a regional mall as it always has been,” said Lou Kanzleiter, who will remain as mall manager. “They are excited about the momentum we have going with the plans for the Penn Highlands expansion. We have a new Journey store opening soon, and a Torrid women’s clothing store just opened.”
Pennsylvania Highlands Community College recently announced plans to quadruple the size of its Blair County location in the Logan Valley Mall.
The expansion will encompass 18,766 square feet and will include both floors of the mall. The current size of the Blair Center is 4,343 square feet.
Kanzleiter said he is excited about the new ownership.
“They can see the energy of the property, and they are looking to add more improvements. You don’t want to be afraid of change, but to the shopper there won’t be any change at all,” Kanzleiter said.
PREIT announced in a press release Tuesday that it completed the sale of the Logan Valley Mall but did not disclose a buyer.
According to its website, Namdar Realty Group, is a privately held commercial real estate investment and management firm that owns more than 15 million square feet of commercial real estate in the United States and continues to grow at an unprecedented pace. The company’s portfolio includes a number of retail strip centers and medical and/or office buildings.
Namdar bought the Nittany Mall from PREIT in 2014.
Also in 2014, Namdar and Mason purchased the Regency Square Mall in Jacksonsville, Fla., in “a joint venture between the two related companies,” according to the Jax Daily Record newspaper.
Logan Valley Mall is anchored by Macy’s, J.C. Penney and Sears and generated sales of $324 per square foot compared to PREIT’s portfolio average (excluding Logan Valley Mall) of $475 per square foot as of June 30.
PREIT announced in May it was offering for sale the local mall and the Valley View Mall in LaCrosse, Wis.
PREIT acquired the Logan Valley Mall in 2003 as part of a merger with Crown American Realty Trust. The deal included 26 Crown American malls and PREIT assuming $619 million in mortgage debt, the Mirror reported in 2003. Shareholders were to receive about one share of PREIT for three shares of Crown American stock.
Crown American had owned the mall since its opening.
Logan Valley Mall opened in November 1965 as an open-air shopping center with Sears, Weis Markets and a few small shops.
Mirror Staff Writer Walt Frank is at 946-7467.