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This is an old revision of this page, as edited by Esw01407 (talk | contribs) at 18:52, 27 January 2020 (Undid revision 934081212 by 184.102.206.186 (talk) Information not accurate, mall still open.). The present address (URL) is a permanent link to this revision, which may differ significantly from the current revision.

Crown American
Company typePrivate
IndustryCommercial Real Estate
Founded1950
HeadquartersJohnstown, Pennsylvania
Key people
Michael A. Barletta, President & CEO
ProductsHotels, restaurants, office, retail
Websitecrownamericanassociates.com

Crown American is a privately held American company that manages and develops commercial real estate. The corporate headquarters is in downtown Johnstown, Pennsylvania, in a building designed by architect Michael Graves.[1]

History

The company was founded in 1950 as Crown Construction. Frank J. Pasquerilla, who joined less than a year later, became president in 1956 and sole owner in 1961. The company's name was changed to Crown American in 1972 and in 1979 it acquired the Hess's department store chain.

In 1993, the company split into two entities. The shopping mall portion of the company became a publicly held real estate investment trust, Crown American Realty Trust, and Crown American Hotels controlled the company's hospitality businesses. At its peak, Crown American operated 30 shopping malls, the Hess's department store chain (with 73 locations), and 20 hotels and motels.

In 2003 the shopping mall development and management unit, Crown American Realty Trust, was sold to Pennsylvania Real Estate Investment Trust. The hospitality unit, Crown American Hotels, was retained. In 2005, 22 of the company's 26 hotels were acquired by W2001 Eastern Hotel Realty, an affiliate of the Archon Group, which assumed responsibility for their management.

Frank Pasquerilla died from a stroke in 1999. His son, Mark E. Pasquerilla, serves as chairman of Crown American Hotels. Mark Pasquerilla joined the company in 1981 and was named president in 1990. He is a graduate of the University of Notre Dame, completed a master of science degree in international relations at the London School of Economics, and studied international affairs at the University of Cologne. Michael Barletta is president and chief executive officer.

List of former malls

At Crown American's peak in 1993, they owned 30 shopping malls. When they merged with PREIT in 2003, they owned 26 malls, and were partners in one other.[1][2]

Companies who own Crown American malls as of October 2019

  • Mason Asset Management/Namdar Realty Group – 8 malls
  • PREIT – 7 malls (Owned 26 malls at the 2003 merger)
  • Kohan Retail Investment Group – 2 malls
  • Closed and/or abandoned – 1 mall
  • Unknown/no published information – 1 mall
  • CityView Commercial LLC – 1 mall
  • Farallon Capital Management – 1 mall
  • GFM 23 LLC – 1 mall
  • Giant Food Stores – 1 mall
  • GS Mortgage Securities Trust – 1 mall
  • Hull Property Group – 1 mall
  • M&R Investors – 1 mall
  • Nicholas Park mall, LLC – 1 mall
  • Onyx Equities – 1 mall
  • Paramount Developers – 1 mall
  • RealtyLink – 1 mall
  • Shane Morrison Companies – 1 mall
Mall number Mall name Year opened Year closed Location Owners
1 Logan Valley Mall November 1965 Altoona, PA Crown American 1965–2003; PREIT 2003–2017; Mason Asset Management 2017–present
2 North Hanover Mall 1967 Hanover, PA Crown American 1967–2003; PREIT 2003–2014; Mason Asset Management 2014–present
3 Shenango Valley Mall 1967 Hermitage, PA Crown American 1967–2003; PREIT 2003–2004; The Lightstone Group 2004–2009; JSMN Shenango Valley Mall Unknown – 2018; Iowa Square Realty LLC 2018–2019; GFM 23 LLC 2019–present
4 Nittany Mall January 1968 State College, PA Crown American 1968–2003; PREIT 2003–2014; Mason Asset Management 2014–present
5 Viewmont Mall 1968 Scranton, PA Crown American 1968–2003; PREIT 2003–present
6 Washington Crown Center 1969 Washington, PA Crown American 1969–2003; PREIT 2003–2016; Kohan Retail Investment Group 2016–present
7 Carlisle Plaza Mall (now The Point at Carlisle Plaza) 1969 Carlisle, PA Crown American 1969–2002; Carlisle Reality Partners 2002–2013; Giant PA 2013–present
8 Middletown Mall 1969 Fairmont, WV Crown American 1969–1997; Middletown Mall Associates 1997 - Unknown, Current ownership unknown
9 Wyoming Valley Mall 1971 Wilkes-Barre, PA Crown American 1971–2003; PREIT 2003–2019; GS Mortgage Securities Trust 2019–present
10 Uniontown Mall 1972 Uniontown, PA Crown American 1972–2003; PREIT 2003–2015; Namdar Realty Group 2015–present
11 Palmer Park Mall 1973 Easton, PA Crown American (50%) / PREIT (50%) 1973–2003[3]; PREIT 2003–2016[4]; CityView Commercial LLC 2016–present
12 Westgate Mall 1973 Bethlehem, PA Crown American (25%) / Harold S. Campbell Foundation (75%) 1973–1996; Harold S. Campbell Foundation 1996–2013; CityView Commercial LLC 2013–2018; Onyx Equities 2018–present
13 Capital City Mall 1974 Camp Hill, PA Crown American 1974–2003; PREIT 2003–present
14 Valley Mall August 1974 Hagerstown, MD Shopco Malls 1974–1989; Crown American 1989–2003; PREIT 2003–present
15 South Mall 1975 Allentown, PA Hess's Department Stores, Inc. 1975-1979[5]; Crown American 1979–2003[3]; PREIT 2003–2014[6]; Nicholas Park Mall, LLC. 2014–present
16 Francis Scott Key Mall 1978 Frederick, MD Crown American 1978–2003; PREIT 2003–present
17 Lycoming Mall 1978 Pennsdale, PA Crown American 1978–2003; PREIT 2003–2016, Kohan Retail Investment Group 2016–present
18 Valley View Mall 1980 La Crosse, WI Crown American 1980–2003; PREIT 2003–present
19 Schuylkill Mall October 9, 1980 January 15, 2018 Frackville, PA Crown American 1980–2003; PREIT 2003–2007; Empire Reality Investments 2007–2017; NP New Castle LLC 2017–2018
20 Crossroads Mall 1981 Beckley, WV Crown American 1981–2003; PREIT 2003–2017; Namdar Realty Group 2017–present
21 Jacksonville Mall 1981 Jacksonville, NC Crown American 1981–2003; PREIT 2003–present
22 West Manchester Mall (Now West Manchester Town Center) 1981 York, PA Crown American 1981–2003; PREIT 2003–2005; The Lightstone Malls 2005–2012; M&R Investors 2012–present
23 Chambersburg Mall 1982 Scotland, PA Crown American 1982–2003; PREIT 2003–2013; Mason Asset Management 2013–present
24 Wiregrass Commons Mall August 1986 Dothan, AL Crown American 1986–2003; PREIT 2003–2016; Farallon Capital Management 2016–2018; Namdar Realty Group 2018–present
25 Patrick Henry Mall 1987 Newport News, VA Crown American 1987–2003; PREIT 2003–present
26 New River Valley Mall 1988 Christiansburg, VA Crown American 1988–2003; PREIT 2003–2016; Farallon Capital Management 2016–present
27 Oak Ridge Mall
(Now Main Street Oak Ridge)		 1989[n 1] 2016[n 2] Oak Ridge, TN Crown American 1989–2003; Crown Investments Trust 2003; Oak Ridge City Center LLC 2003–2016; RealtyLink (TN Oak Ridge Rutgers LLC) 2016–present
28 Phillipsburg Mall 1989 Phillipsburg, NJ Crown American 1989–2003[3]; PREIT 2003–2013[7]; Mason Asset Management 2013–present
29 Martinsburg Mall (Now Foxcroft Towne Center at Martinsburg) 1991 Martinsburg, WV Crown American 1991–2003; PREIT 2003–2005; The Lightstone Malls 2005–2010; Mountain State University 2010–2013; Paramount Developers 2013–present
30 Bradley Square Mall 1991 Cleveland, TN Crown American 1991–2003; PREIT 2003–2005; The Lightstone Malls 2005–2010; The Shane Morrison Companies 2010-present
31 Mount Berry Square 1991 Rome, GA Crown American 1991–2003; PREIT 2003–2005; Hull Property Group 2005-present

Notes

  1. ^ Originally a shopping center that opened in the 1950s. Later converted into a mall.
  2. ^ Mostly abandoned for several years except for two anchors. Demolition and redevelopment began in 2016.

References

  1. ^ Blumenau, Kurt (November 12, 2003). "Crown American is bought by PREIT". The Morning Call. Retrieved 24 May 2016.
  2. ^ Michael Roknick, Michael (May 15, 2003). "Pa. firm buying mall's owner". Sharon Herald. Retrieved 3 September 2018.
  3. ^ a b c Blumenau, Kurt (2003-11-12). "Crown American is bought by PREIT ** The $1.2 billion deal brings many area malls under one ownership". The Morning Call. Retrieved 2019-08-05.
  4. ^ Pedersen, Brian (2016-02-24). "New York firm buys Palmer Park Mall for $18M". LVB.com. Retrieved 2019-08-05.
  5. ^ Salerno, Allison (1994-09-11). "MALL STORES HOPE BON-TON BRINGS GOOD TIMES AS IT REPLACES HESS'S". The Morning Call. Retrieved 2019-08-04.
  6. ^ Harris, Jon (2017-11-17). "South Mall, under new ownership, on an 'upward path'". The Morning Call. Retrieved 2019-08-05.
  7. ^ Harris, Jon (2019-02-26). "What happened to the Phillipsburg Mall? Behind the vacancies and decay: A tough retail climate and low-investment owners". The Morning Call. Retrieved 2019-08-05.
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