Abrams Realty & Development is still working through the entitlement process for one Pennsylvania shopping center redevelopment, and now it is taking on another.
:no_upscale():quality(75))
The company is under contract to purchase the Berkshire Mall in the Reading suburb of Wyomissing from Namdar Realty Group, the Philadelphia Business Journal reported.
ARD plans to demolish the 55-year-old enclosed structure, with the exception of its sole remaining anchor Boscov’s, and will likely replace it with new open-air retail.
“Berkshire Mall site represents tremendous opportunity to be reimagined and restored as a vibrant retail destination that serves this community,” ARD owner Peter Abrams told Bisnow in a statement.
The sale price for the 910K SF mall on 59 acres wasn't disclosed. It was most recently assessed at $5.1M.
The nearly half-vacant mall is in a state of disrepair, according to a public letter Pennsylvania Sen. Judith Schwank wrote to the property owner in August.
She claimed there were potholes in the parking lot and “signs of serious neglect” on the roof and facade. Court orders were issued requiring the landlord to remedy parts of the property that don’t comply with Wyomissing’s code.
Schwank’s letter requested Namdar invest in the mall or sell it.
ARD is also pursuing a mixed-use redevelopment of the largely vacant Exton Square Mall in Chester County.
Like the Berkshire Mall, that property has an existing Boscov’s slated to remain in place.
But the Exton Square proposal includes a major residential component, with 700 units including rental apartments, for-sale townhomes and senior housing.
ARD aims to start construction there in 2026, but it still needs to get the blessing of lawmakers in West Whiteland Township, many of whom are skeptical of the project. Abrams' team is scheduled to return to the municipality’s board of supervisors for its Oct. 22 meeting.
Abrams doesn't expect to face similar pushback with the new project.
“It's exciting that the Borough of Wyomissing shares the vision for revitalization and recognizes the potential this property holds,” he said.
:quality(80))
:quality(80))
:quality(80))
:quality(80))
:quality(80))
:quality(80))
:quality(80))
:quality(80))
:quality(80))
:quality(80))
:quality(80))
:quality(80))