Shopping Centers Today

AUG 2018

Shopping Centers Today is the news magazine of the International Council of Shopping Centers (ICSC)

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30 S C T / A U G U S T 2 0 1 8 Sun Equity Partners has revived a Philadelphia-area mall by returning it to its roots By Edmund Mander A major Philadelphia-area enclosed mall is starting a new chapter in its nearly 60-year history — by going back to its origins. e old Cheltenham (Pa.) Square Mall, a go-to retail destination for decades, began operating in 1959 as an open-air center. In 1981 it became an enclosed center. Since then, the property has had its ups and downs, passing through several owners (including or Equities and Simon) and gaining and losing a variety of anchors and tenants — including a Gimbels department store that closed down in 1986. In 2009 a Target replaced a United Artists cinema, and many blamed the theater's closure for a drop in visits to the mall. Several retailers subsequently departed, including Bath & Body Works, e Children's Place and a DSW shoe store. The next chapter e current owner, Sun Equity Partners, acquired the property in 2014 through bankruptcy court for $30 million and then set about demol- ishing a good portion of it. e firm spent millions more on creating an open-air plaza. e center reopened in April as Greenleaf at Cheltenham, a 430,000-square-foot, open-air center. "Greenleaf at Cheltenham is a perfect example of how traditional malls are being reinvented," said Max Silver, a senior sales associate at Metro Commercial, which is leasing the center. "By reducing the footprint of the original mall, opening it up and adding more parking, Greenleaf at Cheltenham offers guests an opportu- nity to experience exciting shopping, dining, and health and beauty retailers in a convenient, appealing location." Target remains an anchor, along D E V E L O P M E N T D I G E S T F R O M R E N D E R I N G TO G R A N D O P E N I N G

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