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<\/p>\nAbrams Realty & Development is still working through the entitlement process for one Pennsylvania shopping center redevelopment,\u00a0and now it is taking on another.\u00a0<\/p>\n
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The company is under contract to purchase the Berkshire Mall in the Reading suburb of Wyomissing from Namdar Realty Group<\/a>, the Philadelphia Business Journal reported<\/a>.<\/p>\n ARD plans to demolish the 55-year-old enclosed structure, with the exception of its sole remaining anchor Boscov\u2019s, and will likely replace it with new open-air retail.<\/p>\n \u201cBerkshire Mall site represents tremendous opportunity to be reimagined and restored as a vibrant retail destination that serves this community,\u201d ARD owner Peter Abrams<\/a> told Bisnow in a statement.<\/p>\n The sale price\u00a0for the 910K SF mall on 59 acres wasn’t disclosed. It was most recently assessed at\u00a0$5.1M.<\/p>\n The nearly half-vacant mall is\u00a0in a state of disrepair, according to a\u00a0public letter<\/a>\u00a0Pennsylvania Sen. Judith Schwank wrote\u00a0to the property owner\u00a0in August.\u00a0<\/p>\n She claimed there were potholes in the parking lot and \u201csigns of serious neglect\u201d on the roof and facade. Court orders were issued requiring the landlord to remedy parts of the property that don\u2019t comply with Wyomissing\u2019s code.<\/p>\n Schwank\u2019s letter requested Namdar invest in the mall or sell it.<\/p>\n ARD is also pursuing a mixed-use redevelopment of the largely vacant Exton Square Mall<\/a> in Chester County.<\/p>\n Like the Berkshire Mall, that property\u00a0has an existing Boscov\u2019s<\/a>\u00a0slated to remain in place.<\/p>\n But the Exton Square proposal includes a major residential component, with 700 units including rental apartments, for-sale townhomes and senior housing.<\/p>\n