A New York-based retail investment company that specializes in mall properties recently closed on a $15 million purchase of the Colonial Park Mall in Dauphin County.
Mike Kohan of Kohan Retail Investment Group confirmed the deal with Ohio-based retail real estate investment trust Washington Prime Group Inc. Washington Prime disclosed the sale in early October.
Kohan’s company has a retail portfolio of about two dozen properties across the country. Kohan acquired the Lycoming Mall in Lycoming County last year for more than $26 million.
The Colonial Park Mall, which is off of Jonestown Road in Lower Paxton Township, was built in 1960. The enclosed mall is 738,798 square feet with more than 90 tenants. Kohan said it’s currently 92 percent leased.
His company is in the process of analyzing the property for possible capital improvements, he said.
Washington Prime formed as a spin-off company from Simon Property Group. It inherited the mall when it acquired Glimcher Realty Trust in 2014. Glimcher took ownership of the Colonial Park Mall in 1997 when it acquired former owner Catalina Partners LP.