Harrisburg Mall sold to Maryland companies for $9.5 million
The Harrisburg Mall has been acquired through a joint venture partnership between St. John Properties Inc. and Petrie Ross Ventures, both based in Maryland, according to a news release from St. John Properties.
The mall, which is on Paxton Street in Swatara Township, was purchased from TD Bank. It has about 70 tenants, including anchor tenants Macy's, Bass Pro Shops and Great Escape Theatre.
St. John Properties owns and has developed about 17 million square feet of commercial space throughout Colorado, Louisiana, Maryland, Pennsylvania, Virginia and Wisconsin.
Petrie Ross Ventures has more than 8 million square feet of property developed or under way. The company manages a number of malls, shopping centers and mixed-use projects throughout the suburban Maryland marketplace.
Dauphin County court records show that a limited partnership called Harrisburg Mall LP received $12 million in an open-end mortgage from PNC Bank earlier this month. Edward St. John, chairman and founder of St. John Properties, is part of Harrisburg Mall LP.
Harrisburg Mall has been owned by a group of banks since 2009.
New Jersey- and Maine-based TD Bank subsidiary Coba Inc. owns 70 percent of the mall. Harrisburg-based Metro Bank subsidiary MB Harrisburg Holdings owns 15 percent and Montgomery County-based Firstrust Bank subsidiary First Harrisburg Inc. owns 15 percent.
Court records show that the limited partnership paid $9.5 million to the banks to acquire the mall.