Power center near Christiana Mall sells for $75 million: Citybizlist

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Citybizlist.com  reported that a   subsidiary of Pennsylvania Real Estate Investment Trust  reached  an agreement with Rubenstein Real Estate Co., of suburban Kansas City  to sell its stake in the Christiana Retail Center, a 300,000 square foot  retail area   adjacent to  Christiana Mall southeast of Newark, Del.

The purchase price is $75  million,  with Rubenstein picking up the mortgage.

The center, known in real estate circles as a power center, includes a Dick’s Sporting Goods, Hallmark, Men’s Wearhouse and other retailers.

The Retail Center has been fully occupied, a reflection of  the popularity of the mall that was developed and  owned by Pennsylvania Real Estate Investment Trust and its predecessor.  An interest in the mall was  sold to Rouse, which was later bought by General Growth Properties.

General Growth later redeveloped and expanded the mall, which added Nordstrom and Target to its anchors.

Coming next year is construction  of a Cabela’s sporting goods complex and a cinema complex.

Under development adjacent to the Christiana Retail Center is another power center owned by Allied Properties, owner of Concord Mall and other centers.

Click here for the story from WDDE on the Colonnade at Christiana.

 

 

 

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