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In summer 2014, the mall was foreclosed and put up for sale. Sun Equity Partners purchased the mall for $30 million in January 2015. [6] [9] The mall underwent renovations and opened new stores [10] as an outdoor shopping center starting in 2018. The property was renamed Greenleaf at Cheltenham after redevelopment. [3]
The following is a list of properties owned by Brookfield Properties, a North American commercial real estate company.Their portfolio includes a number of shopping malls in the United States that were owned by GGP Inc. (General Growth Properties) before it was acquired by Brookfield in 2018.
Simon Property Group, Inc. is an American real estate investment trust that invests in shopping malls, outlet centers, and community/lifestyle centers. It is the largest owner of shopping malls in the United States and is headquartered in Indianapolis, Indiana. Worldwide, it owns interests in 232 properties [3] as of 2021.
In New Jersey Coalition Against War in the Middle East v. JMB Realty Corp . (1994), the Court ruled that because the mall owners "have intentionally transformed their property into a public square or market, a public gathering place, a downtown business district, a community," they cannot later deny their own implied invitation to use the space ...
In 2023, the mall had a reported net operating income of $10.3M, the lowest it has ever been under Simon's ownership. Additionally, the property was recently appraised by the City of Philadelphia, and its value is only $101 million, a major decrease from its 2007 assessment of $370 million at the time of the Mills Corporation portfolio acquisition.
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