Cumberland Mall in Vineland, NJ, Sold for $49M
The sale of Vineland's Cumberland Mall was announced Wednesday by the Philadelphia real estate investment trust (PREIT) which has owned it since 2005.
The mall was sold to an undisclosed buyer, according to a PREIT spokesperson, who said the buyer has previously purchased other malls from the company.
The announced sale price of $49 million is $14.5 million less than the $59.5 million the company paid for the mall in 2005.
PREIT said proceeds from the sale would allow it to pay off its $39 million mortgage on Cumberland Mall, according to The Philadelphia Inquirer.
The Cumberland Mall on South Delsea Drive in Vineland was built in 1973 and its original anchor stores were Bradlees, Gaudio's, Pathmark, and Wilmington Dry Goods, according to Wikipedia.
Later Gaudio's became JCPenney, Pathmark became Toys "R" Us, and Wilmington Dry Goods became Value City. JC Penney left in 2015.
Today, Cumberland Mall lists Boscov's, Dick's Sporting Goods, Petco, and Marshalls among its tenants.
PREIT has been liquidating mall properties as it restructures its businesses and proposes new uses, such as apartments or healthcare facilities, for mall properties.
This summer as the company's stock dipped below the $1 threshold required by the New York Stock Exchange, PREIT sold Pennsylvania's Exton Square Mall to Brandywine Realty Trust for $27.5 million, according to Philadelphia Business Journal.
Cumberland Mall was considered a "second-tier property" by PREIT, with a hybrid of stores close-by to the general mall area. including BJ’s Wholesale, Boscov’s, HomeGoods, Home Depot, Regal Cinema, and Dick’s Sporting Goods.
“It’s not Cumberland being a bad mall,” A PREIT spokesperson told PBJ. “It did not fit into our strategy.”