Jump to content

Shenango Valley Mall

Coordinates: 41°14′07″N 80°26′46″W / 41.2352778°N 80.44611111111111°W / 41.2352778; -80.44611111111111
From Wikipedia, the free encyclopedia

This is an old revision of this page, as edited by Esw01407 (talk | contribs) at 14:25, 17 July 2020 (Cleanup.). The present address (URL) is a permanent link to this revision, which may differ significantly from the current revision.

Shenango Valley Mall
Map
LocationHermitage, Pennsylvania, United States
Coordinates41°14′07″N 80°26′46″W / 41.2352778°N 80.44611111111111°W / 41.2352778; -80.44611111111111
Address3303 East State Street
Opening date1969[1]
DeveloperCrown American[2]
ManagementPenn Commercial[3]
OwnerGFM 23 LLC[3][4]
No. of stores and servicesAbout 20[5]
No. of anchor tenants3[6][7]
Total retail floor area507,837 sq ft (47,179.6 m2)[1][n 1]
No. of floors1[1]
Parking2,466 spaces[1]
WebsiteShenango Valley Mall

Shenango Valley Mall is a shopping mall located in Hermitage, Pennsylvania. It is anchored by JCPenney.[7][8][9]

History

The land Shenango Valley Mall sits on is owned by the McConnell family.[10][11][12] JCPenney opened at the mall in January 1969, after being previously located in Sharon, Pennsylvania.[9][13] Shenango Valley Mall was renovated in 1997, costing $3.5 million. It was the malls first major renovation since opening in the 1960s and Kaufmann's also expanded its store.[2] Crown American Realty Trust, the mall's owner, was sold to PREIT in 2003.[14] The mall was then sold by PREIT, along with five others to The Lightstone Group in 2004.[15][16] Kaufmann's was re-branded as Macy's in August 2006.[17] Shenango Valley Mall and three other malls entered receivership in January 2009, with Jones Lang LaSalle taking over management.[10][18][19][20][21] Jones Lang LaSalle offered the mall, along with three others, for sale in May 2009.[22][23] An attempted sale with two other malls failed in 2010.[24]

Shenango Valley Mall made national news due to the closure of both its Macy's and Sears in March 2017.[8][25] Sears Auto Center was not part of the closure.[26] Firestone and Sears Auto Center were both damaged in the same month by a storm.[27] In 2017, Hermitage City and School District challenged the mall's tax reassessment that significantly reduced its value due to the loss of two anchors.[28][29][30] JSMN Shenango Valley Mall defaulted on the mall's $3.430 million loan in February 2018, with courts assigning Metro Commercial as the malls operator.[6][31][32] The malls lender, Iowa Square Realty LLC, won it at sheriff's sale for $50,000 in July 2018.[7][33][34] Sears Auto Center closed in October 2018.[35][36]

Court hearings occurred in December 2018 over Iowa Square Realty's ownership of the mall due to issues with maintenance, unpaid rent, and taxes.[4] The mall in December was $243,000 in debt due to unpaid rent and taxes.[37] Ownership of the mall was given to GFM 23 (McConnell family) by the court in January 2019 due to Iowa Square Realty not paying a court ordered $25,000 bond.[3][38] Issues in early 2019 include the parking lot and a leaky roof.[39] The mall's tax assessment issues were resolved in June 2019.[40]

Future

On August 1, 2019, LRC Realty of Akron, Ohio announced that they will acquire the mall. The company is looking to create a "first-class shopping facility" with "best in-class restaurants and retailers". The company plans on creating an open-air design with public places that will be attractive to the area.[41] The president of LRC Realty says the community should expect a project similar to The Block Northway on McKnight Road in Ross Township, Pennsylvania, which was a former mall turned into a lifestyle center by LRC. The company also designed the nearby Hermitage Plaza. Specific dates or plans have yet to be announced.[42]

Notes

  1. ^ Information varies, but all numbers are above 500,000 sq ft (46,000 m2)

References

  1. ^ a b c d "Shenango Valley Mall" (PDF). Urban Retail Properties. 17 November 2010. Archived from the original (PDF) on November 17, 2010. Retrieved 27 August 2018.
  2. ^ a b Roknick, Michael (December 3, 2000). "SV Mall adapts to change". The Herald. Retrieved 27 August 2018.
  3. ^ a b c Poole, Eric (February 7, 2019). "Mall changes hands". The Herald. Retrieved 17 February 2019.
  4. ^ a b Poole, Eric (December 22, 2018). "Mall control to continue unchanged". The Herald. Retrieved 8 January 2019. {{cite news}}: Cite has empty unknown parameter: |1= (help)
  5. ^ Poole, Eric (December 30, 2018). "Court battle for control of Shenango Valley Mall to continue in January". The Herald. Retrieved 8 January 2019.
  6. ^ a b Roknick, Michael (February 16, 2018). "Shenango Valley Mall enters receivership after loan default but remains open". The Herald. Retrieved 27 August 2018.
  7. ^ a b c Poole, Eric (July 10, 2018). "Creditor takes control of Shenango Valley Mall for $50,000 at sheriff's sale". The Herald. Retrieved 28 August 2018.
  8. ^ a b Contrera, Jessica (January 1, 2018). "First, this town lost its Macy's. Then Sears. Now, all eyes were on J.C. Penney". Washington Post. Retrieved 27 August 2018.
  9. ^ a b Roknick, Michael (June 3, 2018). "JCPenney turning 50 at SV Mall". The Herald. Retrieved 27 August 2018.
  10. ^ a b Roknick, Michael (January 9, 2009). "Shenango Valley Mall dealing with tax troubles". New Castle News. Retrieved 27 August 2018.
  11. ^ Roknick, Michael (April 1, 2017). "Shenango Valley Mall fights back; as commerce evolves, it's far from game over". The Herald. Retrieved 27 August 2018.
  12. ^ Roknick, Michael (January 9, 2017). "What's in store for the mall?". The Herald. Retrieved 27 August 2018.
  13. ^ Stright, Caleb (January 24, 2019). "JCPenney celebrates 50 years at Shenango Valley Mall location". The Record-Argus. Retrieved 17 February 2019.
  14. ^ Michael Roknick, Michael (May 15, 2003). "Pa. firm buying mall's owner". The Herald. Retrieved 3 September 2018.
  15. ^ "PREIT Completes $111Mln Sale of Malls to Lightstone". Commercial Real Estate Direct. September 28, 2004. Retrieved 27 August 2018.
  16. ^ "Owner closes sale of Shenango Valley, 4 other malls". Pittsburgh Business Times. September 28, 2004. Retrieved 29 August 2018.
  17. ^ Vinarsky, Cynthia (August 29, 2006). "Wider Aisles, New Brands Herald Macy's Arrival, Kaufmann's Farewell". Business Journal Daily. Retrieved 28 August 2018.
  18. ^ Misonzhnik, Elaine (January 22, 2009). "Rush to the Rescue". National Real Estate Investor. Retrieved 27 August 2018.
  19. ^ "Shenango Valley Mall In Receivership". Business Journal Daily. January 6, 2009.
  20. ^ Roknick, Michael (January 3, 2009). "Mall defaults on loans; stores unaffected". The Herald. Retrieved 28 August 2018.
  21. ^ Hudson, Kris (10 December 2008). "Lightstone's Trouble at the Shopping Mall". Wall Street Journal. Retrieved 28 August 2018.
  22. ^ "Jones Lang LaSalle Brings Four Regional Malls to Market". JLL. May 20, 2009. Retrieved 27 August 2018.
  23. ^ Covaleski, John (May 22, 2009). "Four Lightstone Malls Offered With Assumable Debt". Commercial Real Estate Direct. Retrieved 29 August 2018.
  24. ^ "College Buys Martinsburg Mall; Purchase of 3 Other Lightstone Malls Nixed". Commercial Real Estate Direct. April 14, 2010. Retrieved 29 August 2018.
  25. ^ Rogers, Janet (March 26, 2017). "Sears and Macy's anchor stores close at Shenango Valley Mall". WFMJ. Retrieved 27 August 2018.
  26. ^ "Sears closing Shenango Valley Mall store". WFMJ. December 30, 2016. Retrieved 28 August 2018.
  27. ^ Pinchot, Joe (March 2, 2017). "Wind 'squall' damages roofs of 2 businesses in Hermitage". The Herald. Retrieved 28 August 2018.
  28. ^ Dye, David L. (December 22, 2017). "Mall valuation contested". The Herald. Retrieved 27 August 2018.
  29. ^ Dye, David L. (January 31, 2018). "City, schools unite to oppose property tax appeals". The Herald. Retrieved 27 August 2018.
  30. ^ Sess, Dave (16 February 2018). "Hermitage hopeful new operator will revitalize Shenango Valley Mall". WKBN. Retrieved 28 August 2018.
  31. ^ Gauntner, Mike (February 16, 2018). "Lender forecloses on Shenango Valley Mall". WFMJ. Retrieved 27 August 2018.
  32. ^ Wood, Andrea (16 February 2018). "Shenango Mall Defaults, Owes $3.43M on Mortgage". Business Journal Daily. Retrieved 28 August 2018.
  33. ^ Staff, WKBN (10 July 2018). "New York-based realty company takes control of Shenango Valley Mall". WKBN. Retrieved 28 August 2018.
  34. ^ Stevens, Glenn (July 10, 2018). "Creditor wins bid for Shenango Valley Mall lease". WFMJ. Retrieved 28 August 2018.
  35. ^ Roknick, Michael (October 10, 2018). "Sears Auto Center at mall to close". The Herald. Retrieved 15 October 2018.
  36. ^ "Sears Auto Center at Shenango Valley Mall closing this weekend". WYTV. 11 October 2018. Retrieved 15 October 2018.
  37. ^ Poole, Eric (January 13, 2019). "McConnell family seeks control of mall". The Herald. Retrieved 17 February 2019.
  38. ^ Cotterman, Danielle (February 8, 2019). "New operator takes reins at Shenango Valley Mall". WFMJ. Retrieved 17 February 2019.
  39. ^ Boney, Stan (19 February 2019). "State of the mall: New owners hope to save struggling Shenango Valley Mall". WKBN. Retrieved 27 February 2019.
  40. ^ Poole, Eric (June 11, 2019). "SV Mall valuation settled". The Herald. Retrieved 11 July 2019.
  41. ^ August 1, George Nelson |; 2019 (2019-08-01). "LRC Realty to Acquire Shenango Valley Mall". Business Journal Daily. Retrieved 2019-08-02. {{cite web}}: |last2= has numeric name (help)CS1 maint: numeric names: authors list (link)
  42. ^ Writers, DAVID DYE and RENEE CAREY Herald Staff. "MALL SOLD; Akron developer promises 'first-class' retailers, restaurants". The Herald. Retrieved 2019-08-02.