Crown American

Crown American
Private
Industry Commercial Real Estate
Founded 1950
Headquarters Johnstown, Pennsylvania
Key people
 Michael A. Barletta, President & CEO
Products Hotels, restaurants, office, retail
Website crownamericanassociates.com

Crown American is a privately held American company that manages and develops commercial real estate. The corporate headquarters is in downtown Johnstown, Pennsylvania, in a building designed by architect Michael Graves.

History

The company was founded in 1950 as Crown Construction. Frank J. Pasquerilla, who joined less than a year later, became president in 1956 and sole owner in 1961. The company's name was changed to Crown American in 1972 and in 1979 it acquired the Hess's department store chain.

In 1993, the company split into two entities. The shopping mall portion of the company became a publicly held real estate investment trust, Crown American Realty Trust, and Crown American Hotels controlled the company's hospitality businesses. At its peak, Crown American operated 30 shopping malls, the Hess's department store chain (with 73 locations), and 20 hotels and motels.

In 2003 the shopping mall development and management unit, Crown American Realty Trust, was sold to Pennsylvania Real Estate Investment Trust. The hospitality unit, Crown American Hotels, was retained. In 2005, 22 of the company's 26 hotels were acquired by W2001 Eastern Hotel Realty, an affiliate of the Archon Group, which assumed responsibility for their management.

Frank Pasquerilla died from a stroke in 1999. His son, Mark E. Pasquerilla, serves as chairman of Crown American Hotels. Mark Pasquerilla joined the company in 1981 and was named president in 1990. He is a graduate of the University of Notre Dame, completed a master of science degree in international relations at the London School of Economics, and studied international affairs at the University of Cologne. Michael Barletta is president and chief executive officer.

List of Former Malls

At Crown American's peak in 1993, they owned 30 shopping malls. When they merged with PREIT in 2003, they owned 26 malls, and were partners in one other.[1][2]

Companies Who Own Crown American Malls as of September 2018

  • PREIT - 8 Malls (Owned 26 Malls at the 2003 Merger)
  • Mason Asset Management/Namdar Realty Group - 8 Malls
  • City View Capital/CityView Commercial LLC - 2 Malls
  • Kohan Retail Investment Group - 2 Malls
  • Closed and/or abandoned - 1 Mall
  • Unknown/No Published Information - 1 Mall
  • Farallon Capital Management - 1 Mall
  • Giant Food Stores - 1 Mall
  • Hull Storey Gibson - 1 Mall
  • Iowa Square Realty LLC - 1 Mall
  • M&R Investors - 1 Mall
  • Nicholas Park Mall, LLC - 1 Mall
  • Paramount Developers - 1 Mall
  • RealtyLink - 1 Mall
  • Shane Morrison Companies - 1 Mall
Mall NumberMall NameYear OpenedYear ClosedLocationOwners
1Logan Valley MallNovember 1965Altoona, PACrown American 1965 - 2003, PREIT 2003 - 2017, Mason Asset Management 2017 - Present
2North Hanover Mall1967Hanover, PACrown American 1967 - 2003, PREIT 2003 - 2014, Mason Asset Management 2014 - Present
3Shenango Valley Mall1967Hermitage, PACrown American 1967 - 2003, PREIT 2003 - 2004, The Lightstone Group 2004 - 2009, JSMN Shenango Valley Mall Unknown - 2018, Iowa Square Realty LLC 2018 - Present
4Nittany MallJanuary 1968State College, PACrown American 1968 - 2003, PREIT 2003 - 2014, Mason Asset Management 2014 - Present
5Viewmont Mall1968Scranton, PACrown American 1968 - 2003, PREIT 2003 - Present
6Washington Crown Center1969Washington, PACrown American 1969 - 2003, PREIT 2003 - 2016, Kohan Retail Investment Group 2016 - Present
7The Point at Carlisle Plaza1969Carlisle, PACrown American 1970 - 2002, Carlisle Reality Partners 2002 - 2013, Giant PA 2013 - Present
8Wyoming Valley Mall1971Wilkes-Barre, PACrown American 1971 - 2003, PREIT 2003 - Present
9Uniontown Mall1972Uniontown, PACrown American 1972 - 2003, PREIT 2003 - 2015, Namdar Realty Group 2015 - Present
10Palmer Park Mall1972Easton, PACrown American 1972 - 1989, Crown (50%) / PREIT (50%) 1989 - 1996, PREIT 1996 - 2016, CityView Commercial LLC 2016 - Present
11Westgate Mall1973Bethlehem, PACrown American (25%) / Harold S. Campbell Foundation (75%) 1973 - 1996, Harold S. Campbell Foundation 1996 - 2013, City View Capital 2013 - Present
12Capital City Mall1974Camp Hill, PACrown American 1974 - 2003, PREIT 2003 - Present
13Valley MallAugust 1974Hagerstown, MDShopco Malls 1974 - 1989, Crown American 1989 - 2003, PREIT 2003 - Present
14South Mall1975Allentown, PACrown American 1975 - 2003, PREIT 2003 - 2014, Nicholas Park Mall, LLC. 2014 - Present
15Francis Scott Key Mall1978Frederick, MDCrown American 1978 - 2003, PREIT 2003 - Present
16Lycoming Mall1978Pennsdale, PACrown American 1978 - 2003, PREIT 2003 - 2016, Kohan Retail Investment Group 2016 - Present
17Valley View Mall1980La Crosse, WICrowm American 1980 - 2003, PREIT 2003 - Present
18Schuylkill MallOctober 9, 1980January 15, 2018Frackville, PACrown American 1980 - 2003, PREIT 2003 - 2007, Empire Reality Investments 2007 - 2017, NP New Castle LLC 2017-2018
19Crossroads Mall1981Beckley, WVCrown American 1981 - 2003, PREIT 2003 - 2017, Namdar Realty Group 2017 - Present
20Jacksonville Mall1981Jacksonville, NCCrown American 1981 - 2003, PREIT 2003 - Present
21West Manchester Mall (Now West Manchester Town Center)1981York, PACrown American 1981 - 2003, PREIT 2003 - 2005, The Lightstone Malls 2005 - 2012, M&R Investors 2012 - Present
22Chambersburg Mall1982Scotland, PACrown American 1982 - 2003, PREIT 2003 - 2013, Mason Asset Management 2013 - Present
23Wiregrass Commons MallAugust 1986Dothan, ALCrown American 1986 - 2003, PREIT 2003 - 2016, Farallon Capital Management 2016 - 2018, Namdar Realty Group 2018 - Present
24Patrick Henry Mall1987Newport News, VACrown American 1987 - 2003, PREIT 2003 - Present
25New River Valley Mall1988Christiansburg, VACrown American 1988 - 2003, PREIT 2003 - 2016, Farallon Capital Management 2016 - Present
26Oak Ridge Mall
(Now Main Street Oak Ridge)		1989[n 1]2016[n 2]Oak Ridge, TNCrown American 1989 - 2003, Crown Investments Trust 2003, Oak Ridge City Center LLC 2003 - 2016, RealtyLink (TN Oak Ridge Rutgers LLC) 2016 - Present
27Phillipsburg Mall1989Phillipsburg, NJCrown American 1989 - 2003, PREIT 2003 - 2013, Mason Asset Management 2013 - Present
28Martinsburg Mall (Now Foxcroft Towne Center at Martinsburg)1991Martinsburg, VWCrown American 1991 - 2003, PREIT 2003 - 2005, The Lightstone Malls 2005 - 2010, Mountain State University 2010 - 2013, Paramount Developers 2013 - Present
29Bradley Square Mall1991Cleveland, TNCrown American 1991 - 2003, PREIT 2003 - 2005, The Lightstone Malls 2005 - 2010, The Shane Morrison Companies 2010 - Present
30Mount Berry Square1991Rome, GACrown American 1991 - 2003, PREIT 2003 - 2005, Hull Storey Gibson 2005 - Present
31Middletown Mall1969Fairmont, WVCrown American 1969-1997, Middletown Mall Associates 1997 - Unknown, Current ownership unknown

Notes

  1. ↑ Originally a shopping center that opened in the 1950's. Later converted into a mall.
  2. ↑ Mostly abandoned for several years except for two anchors. Demolition and redevelopment began in 2016.

References

  1. ↑ Blumenau, Kurt (November 12, 2003). "Crown American is bought by PREIT". The Morning Call. Retrieved 24 May 2016.
  2. ↑ Michael Roknick, Michael (May 15, 2003). "Pa. firm buying mall's owner". Sharon Herald. Retrieved 3 September 2018.
This article is issued from Wikipedia. The text is licensed under Creative Commons - Attribution - Sharealike. Additional terms may apply for the media files.