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Pennsylvania Mall Sells for $20M

An 840,000 sq. ft. shopping mall in Harrisburg, Pa., has changed hands. Feldman Equities and joint venture partner Lubert-Adler Partners bought the Harrisburg East Mall from Prudential Insurance Co. of America. The sale price was roughly $20 million, according to an industry source. Feldman Equities also has signed two major anchor tenant leases and secured a long-term commitment from a third anchor tenant.

Bass Pro Shops has signed a 225,000 sq. ft. lease in space that is now occupied by Lord & Taylor. Bass plans to renovate the space, which will become the largest Bass Pro Shop in the nation. In addition, retailer Boscovs also has signed a long-term lease here in the former JC Penney space. Like Bass Pro Shops, Boscovs intends to renovate and expand its space. Finally, Hecht’s Department Store — an existing tenant — has renewed its long-term lease.

Larry Feldman, CEO of Feldman Equities, says this acquisition is part of Feldman’s "aggressive program to rebuild the Feldman Equities portfolio," which now includes more than 2.2 million sq. ft. of retail and commercial properties. Feldman also owns land on which it can develop up to 1 million sq. ft. of additional space.

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