Shenango Valley Mall

Shenango Valley Mall
Location Hermitage, Pennsylvania, USA
Address 3303 East State Street, Hermitage, PA
Opening date 1969[1]
Developer Crown American[2]
Management Metro Commercial[3]
Owner Building: Iowa Square Realty LLC[4]
Ground: McConnell family[5][6]
No. of stores and services About 30[7]
No. of anchor tenants 3[3][4]
Total retail floor area 507,837 sq ft[1][n 1]
No. of floors 1[1]
Parking 2,466 spaces[1]
Website Shenango Valley Mall

Shenango Valley Mall is a shopping mall located in Hermitage, Pennsylvania. It is anchored by JCPenney.[4][8][9]

History

The land Shenango Valley Mall sits on is owned by the McConnell family.[5][6][10] JCPenney opened at the mall in January 1969.[9] Shenango Valley Mall was renovated in 1997, costing $3.5 million. It was the malls first major renovation since opening in the 1960s and Kaufmann's also expanded its store.[2] Crown American Realty Trust, the mall's owner, was sold to PREIT in 2003.[11] The mall was then sold by PREIT, along with five others to The Lightstone Group in 2004.[12][13] Kaufmann's was re-branded as Macy's in August 2006.[14] Shenango Valley Mall and three other malls entered receivership in January 2009, with Jones Lang LaSalle taking over management.[5][15][16][17][18] Jones Lang LaSalle offered the mall, along with three others, for sale in May 2009.[19][20] An attempted sale with two other malls failed in 2010.[21]

Shenango Valley Mall made national news due to the closure of both its Macy's and Sears in March 2017.[8][22] Sears Auto Center was not part of the closure.[23] Firestone and Sears Auto Center were both damaged in the same month by a storm.[24] In 2017, Hermitage City and School District challenged the mall's tax reassessment that significantly reduced its value due to the loss of two anchors.[25][26][27] JSMN Shenango Valley Mall defaulted on the mall's $3.430 million loan in February 2018, with courts assigning Metro Commercial as the malls operator.[3][28][29] The malls lender, Iowa Square Realty LLC, won it at sheriff's sale for $50,000 in July 2018.[4][30][31]

Notes

  1. ↑ Information varies, but all numbers are above 500,000 sq ft.

References

  1. 1 2 3 4 "Shenango Valley Mall" (PDF). Urban Retail Properties. 17 November 2010. Archived from the original (PDF) on November 17, 2010. Retrieved 27 August 2018.
  2. 1 2 Roknick, Michael (December 3, 2000). "SV Mall adapts to change". The Herald. Retrieved 27 August 2018.
  3. 1 2 3 Roknick, Michael (February 16, 2018). "Shenango Valley Mall enters receivership after loan default but remains open". The Herald. Retrieved 27 August 2018.
  4. 1 2 3 4 Poole, Eric (July 10, 2018). "Creditor takes control of Shenango Valley Mall for $50,000 at sheriff's sale". The Herald. Retrieved 28 August 2018.
  5. 1 2 3 Roknick, Michael (January 9, 2009). "Shenango Valley Mall dealing with tax troubles". New Castle News. Retrieved 27 August 2018.
  6. 1 2 Roknick, Michael (April 1, 2017). "Shenango Valley Mall fights back; as commerce evolves, it's far from game over". The Herald. Retrieved 27 August 2018.
  7. ↑ Roknick, Michael (January 16, 2017). "Mall is well". The Herald. Retrieved 27 August 2018.
  8. 1 2 Contrera, Jessica (January 1, 2018). "First, this town lost its Macy's. Then Sears. Now, all eyes were on J.C. Penney". Washington Post. Retrieved 27 August 2018.
  9. 1 2 Roknick, Michael (June 3, 2018). "JCPenney turning 50 at SV Mall". The Herald. Retrieved 27 August 2018.
  10. ↑ Roknick, Michael (January 9, 2017). "What's in store for the mall?". The Herald. Retrieved 27 August 2018.
  11. ↑ Michael Roknick, Michael (May 15, 2003). "Pa. firm buying mall's owner". The Herald. Retrieved 3 September 2018.
  12. ↑ "PREIT Completes $111Mln Sale of Malls to Lightstone". Commercial Real Estate Direct. September 28, 2004. Retrieved 27 August 2018.
  13. ↑ "Owner closes sale of Shenango Valley, 4 other malls". Pittsburgh Business Times. September 28, 2004. Retrieved 29 August 2018.
  14. ↑ Vinarsky, Cynthia (August 29, 2006). "Wider Aisles, New Brands Herald Macy's Arrival, Kaufmann's Farewell". Business Journal Dailty. Retrieved 28 August 2018.
  15. ↑ Misonzhnik, Elaine (January 22, 2009). "Rush to the Rescue". National Real Estate Investor. Retrieved 27 August 2018.
  16. ↑ "Shenango Valley Mall In Receivership". Business Journal Daily. January 6, 2009.
  17. ↑ Roknick, Michael (January 3, 2009). "Mall defaults on loans; stores unaffected". The Herald. Retrieved 28 August 2018.
  18. ↑ Hudson, Kris (10 December 2008). "Lightstone's Trouble at the Shopping Mall". Wall Street Journal. Retrieved 28 August 2018.
  19. ↑ "Jones Lang LaSalle Brings Four Regional Malls to Market". JLL. May 20, 2009. Retrieved 27 August 2018.
  20. ↑ Covaleski, John (May 22, 2009). "Four Lightstone Malls Offered With Assumable Debt". Commercial Real Estate Direct. Retrieved 29 August 2018.
  21. ↑ "College Buys Martinsburg Mall; Purchase of 3 Other Lightstone Malls Nixed". Commercial Real Estate Direct. April 14, 2010. Retrieved 29 August 2018.
  22. ↑ Rogers, Janet (March 26, 2017). "Sears and Macy's anchor stores close at Shenango Valley Mall". WFMJ. Retrieved 27 August 2018.
  23. ↑ "Sears closing Shenango Valley Mall store". WFMJ. December 30, 2016. Retrieved 28 August 2018.
  24. ↑ Pinchot, Joe (March 2, 2017). "Wind 'squall' damages roofs of 2 businesses in Hermitage". The Herald. Retrieved 28 August 2018.
  25. ↑ Dye, David L. (December 22, 2017). "Mall valuation contested". The Herald. Retrieved 27 August 2018.
  26. ↑ Dye, David L. (January 31, 2018). "City, schools unite to oppose property tax appeals". The Herald. Retrieved 27 August 2018.
  27. ↑ Sess, Dave (16 February 2018). "Hermitage hopeful new operator will revitalize Shenango Valley Mall". WKBN. Retrieved 28 August 2018.
  28. ↑ Gauntner, Mike (February 16, 2018). "Lender forecloses on Shenango Valley Mall". WFMJ. Retrieved 27 August 2018.
  29. ↑ Wood, Andrea (16 February 2018). "Shenango Mall Defaults, Owes $3.43M on Mortgage". Business Journal Daily. Retrieved 28 August 2018.
  30. ↑ Staff, WKBN (10 July 2018). "New York-based realty company takes control of Shenango Valley Mall". WKBN. Retrieved 28 August 2018.
  31. ↑ Stevens, Glenn (July 10, 2018). "Creditor wins bid for Shenango Valley Mall lease". WFMJ. Retrieved 28 August 2018.

Coordinates: 41°14′07″N 80°26′46″W / 41.2352778°N 80.44611111111111°W / 41.2352778; -80.44611111111111

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