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Pennsylvania’s Granite Mall on Rocks

Feb 17

The Wall Street Journal reports:

Pennsylvania’s Granite Mall on Rocks: (Links added by Media, PA News)

The Granite Run Mall in Media, Pa., is on track to become the latest mall sold or forfeited by a major real-estate investment trust since the onset of the recession.

Granite Run, a 692,000-square-foot mall outside Philadelphia, is owned by a venture between two mall REITs—Simon Property Group Inc. and Macerich Co. The 37-year-old mall now is more than 30 days delinquent on its $115 million securitized mortgage after its owners indicated in October that they could no longer support the debt, according to Morningstar Co.’s Realpoint LLC.

…As of September, Granite run was 83% occupied. Its largest tenants are Sears Holdings Corp., J.C. Penney Co. and Boscov’s Department Store.

Thanks to Tedman at All Things Media, PA for spotting this first.