Pennsylvania Real Estate Investment Trust completed the previously announced acquisition of Cumberland Mall in Vineland, N.J., for approximately $59.5 million.
Cumberland Mall comprises about 925,000 square feet of retail space, and is anchored by Boscov’s, JC Penney and Value City. The property has 62 in-line tenants including American Eagle Outfitters, Gap, Old Navy and Victoria’s Secret.
Adjacent to the mall are several outparcel tenants including BJ’s Wholesale Club, which owns its land and building, and Home Depot and Regal Cinemas, which own their buildings subject to ground leases from PREIT.
PREIT-Rubin has managed and leased the mall since 1997 for Cumberland Mall Associates. Prior to the closing of these transactions, Ronald Rubin, PREIT’s CEO and a trustee, and George Rubin, vice chairman of PREIT and a PREIT trustee, indirectly owned a substantial interest in Cumberland Mall Associates, and also controlled the entity that owns the adjacent undeveloped parcel.
PREIT focuses on eastern United States retail shopping malls and power centers of approximately 33 million square feet.
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