Two Maryland real estate firms joined forces to purchase a 1 million square foot mall in Harrisburg, Pa., one of the firms announced Thursday.
St. John Properties Inc., based in Windsor Mill, and Petrie Ross Ventures, headquartered in Annapolis, acquired Harrisburg Mall, a retail outlet southeast of that city anchored by Macy's, Pro Bass Shops and Great Escape Theatres, St. John Properties said.
The mall was purchased for $9.5 million from TD Bank, according to online property records for Dauphin County. TD Bank took over the property in 2009 through foreclosure.
Jerry Wit, a spokesman for St. John Properties, declined to comment on the mall's sale price but said that any public record of the purchase would not accurately reflect the deal's cost because of its complexity.
Seventy percent of the mall's retail space is leased, St. John Properties said.
The 61-acre parcel, located just off Interstate 83, also includes a free-standing Toys R Us and Applebee's restaurant. One anchor store is empty and available for lease.
Built just over 40 years ago, the mall underwent a $60 million renovation five years ago.
The purchase is the first Pennsylvania acquisition for the two Maryland commercial real estate development and management firms.
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