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New York firm buys Palmer Park Mall for $18M
Brian Pedersen//February 24, 2016//
Listen to this articleJack Friedler, president of Cityview Commercial in Brooklyn, today confirmed the sale.
“We see great value in this mall and believe that our hands-on approach will succeed here as they have in our other mall projects,” Friedler said. “Cityview is the retail arm to the Jimmy Jazz chain, which has stores in over 170 similar malls.”
Jimmy Khezrie and Friedler are the principals of Cityview Commercial.
Tuesday, PREIT announced the sale of the Palmer Township indoor shopping mall as part of its report of fourth quarter and full 2015 financial results. Palmer Park Mall, which opened in 1972, is anchored by two department stores Bon-Ton and Boscov’s.
The sale marks the ninth mall sold as part of PREIT’s overall portfolio strategy.
Last year, the company sold a number of mall properties, including South Mall in Salisbury Township near Allentown and 50 percent interest in Whitehall Mall. In early 2013, the company sold the Phillipsburg Mall, which borders Lopatcong and Pohatcong townships in New Jersey.
