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Shenango Valley Mall

From Wikipedia, the free encyclopedia

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 dateMarch 13, 1968[1]
DeveloperCrown American[2]
ManagementPenn Commercial[3]
OwnerButterfli Holdings LLC (FLICORE LLC)[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)[8][n 1]
No. of floors1[8]
Parking2,466 spaces[8]
WebsiteShenango Valley Mall

Shenango Valley Mall is a shopping mall located in Hermitage, Pennsylvania. Its final anchor was JCPenney.[7][9][10]

History

The land Shenango Valley Mall sits on was previously owned by the McConnell family until its sale in 2022.[4][11][12][13] Shenango Valley Mall opened on March 13, 1968.[1] JCPenney opened at the mall in January 1969, after being previously located in Sharon, Pennsylvania.[10][14] 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.[15] The mall was then sold by PREIT, along with five others to The Lightstone Group in 2004.[16][17] Kaufmann's was re-branded as Macy's in August 2006.[18] Shenango Valley Mall and three other malls entered receivership in January 2009, with Jones Lang LaSalle taking over management.[11][19][20][21][22] Jones Lang LaSalle offered the mall, along with three others, for sale in May 2009.[23][24] An attempted sale with two other malls failed in 2010.[25]

Shenango Valley Mall made national news due to the closure of both its Macy's and Sears in March 2017.[9][26] Sears Auto Center was not part of the closure.[27] Firestone and Sears Auto Center were both damaged in the same month by a storm.[28] 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.[29][30][31] 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][32][33] The malls lender, Iowa Square Realty LLC, won it at sheriff's sale for $50,000 in July 2018.[7][34][35] Sears Auto Center closed in October 2018.[36][37]

Court hearings occurred in December 2018 over Iowa Square Realty's ownership of the mall due to issues with maintenance, unpaid rent, and taxes.[38] The mall in December was $243,000 in debt due to unpaid rent and taxes.[39] 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][40] Issues in early 2019 include the parking lot and a leaky roof.[41] The mall's tax assessment issues were resolved in June 2019.[42] Due to legal issues with JCPenney regarding the redevelopment of the mall, LRC Realty did not complete its purchase of the mall announced in 2019.[43][44][45] In February 2022, the malls owner won a common pleas court decision against JCPenney regarding the malls potential redevelopment.[46] JCPenney appealed the case as of August 2022.[47] Shenango Valley Mall was sold to Butterfli Holdings LLC (FLICORE LLC) in August 2022.[4][47]

JCPenney would lose further appeals in the Pennsylvania Superior and Supreme Courts in 2023.[48][49] In January 2024, JCPenney announced it would close at the Shenango Valley Mall in May.[50][51] The mall will close on May 31, 2024 and is set to be demolished later in 2024.[1][52]

Notes

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

References

  1. ^ a b c Roknick, Michael (28 March 2024). "Longietti: Shenango Valley Mall to be demolished this year to create new development". The Herald. Retrieved 30 April 2024.
  2. ^ a b Roknick, Michael (December 3, 2000). "SV Mall adapts to change". The Herald. Retrieved 27 August 2018.
  3. ^ a b Poole, Eric (February 7, 2019). "Mall changes hands". The Herald. Retrieved 17 February 2019.
  4. ^ a b c Dye, David L. (August 10, 2022). "Shenango Valley Mall under new ownership". The Herald. Retrieved 5 February 2023.
  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 c "Shenango Valley Mall" (PDF). Urban Retail Properties. 17 November 2010. Archived from the original (PDF) on November 17, 2010. Retrieved 27 August 2018.
  9. ^ 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.
  10. ^ a b Roknick, Michael (June 3, 2018). "JCPenney turning 50 at SV Mall". The Herald. Retrieved 27 August 2018.
  11. ^ a b Roknick, Michael (January 9, 2009). "Shenango Valley Mall dealing with tax troubles". New Castle News. Retrieved 27 August 2018.
  12. ^ 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.
  13. ^ Roknick, Michael (January 9, 2017). "What's in store for the mall?". The Herald. Retrieved 27 August 2018.
  14. ^ Stright, Caleb (January 24, 2019). "JCPenney celebrates 50 years at Shenango Valley Mall location". The Record-Argus. Retrieved 17 February 2019.
  15. ^ Michael Roknick, Michael (May 15, 2003). "Pa. firm buying mall's owner". The Herald. Retrieved 3 September 2018.
  16. ^ "PREIT Completes $111Mln Sale of Malls to Lightstone". Commercial Real Estate Direct. September 28, 2004. Retrieved 27 August 2018.
  17. ^ "Owner closes sale of Shenango Valley, 4 other malls". Pittsburgh Business Times. September 28, 2004. Retrieved 29 August 2018.
  18. ^ Vinarsky, Cynthia (August 29, 2006). "Wider Aisles, New Brands Herald Macy's Arrival, Kaufmann's Farewell". Business Journal Daily. Retrieved 28 August 2018.
  19. ^ Misonzhnik, Elaine (January 22, 2009). "Rush to the Rescue". National Real Estate Investor. Retrieved 27 August 2018.
  20. ^ "Shenango Valley Mall In Receivership". Business Journal Daily. January 6, 2009.
  21. ^ Roknick, Michael (January 3, 2009). "Mall defaults on loans; stores unaffected". The Herald. Retrieved 28 August 2018.
  22. ^ Hudson, Kris (10 December 2008). "Lightstone's Trouble at the Shopping Mall". Wall Street Journal. Retrieved 28 August 2018.
  23. ^ "Jones Lang LaSalle Brings Four Regional Malls to Market". JLL. May 20, 2009. Retrieved 27 August 2018.
  24. ^ Covaleski, John (May 22, 2009). "Four Lightstone Malls Offered With Assumable Debt". Commercial Real Estate Direct. Retrieved 29 August 2018.
  25. ^ "College Buys Martinsburg Mall; Purchase of 3 Other Lightstone Malls Nixed". Commercial Real Estate Direct. April 14, 2010. Retrieved 29 August 2018.
  26. ^ Rogers, Janet (March 26, 2017). "Sears and Macy's anchor stores close at Shenango Valley Mall". WFMJ. Retrieved 27 August 2018.
  27. ^ "Sears closing Shenango Valley Mall store". WFMJ. December 30, 2016. Retrieved 28 August 2018.
  28. ^ Pinchot, Joe (March 2, 2017). "Wind 'squall' damages roofs of 2 businesses in Hermitage". The Herald. Retrieved 28 August 2018.
  29. ^ Dye, David L. (December 22, 2017). "Mall valuation contested". The Herald. Retrieved 27 August 2018.
  30. ^ Dye, David L. (January 31, 2018). "City, schools unite to oppose property tax appeals". The Herald. Retrieved 27 August 2018.
  31. ^ Sess, Dave (16 February 2018). "Hermitage hopeful new operator will revitalize Shenango Valley Mall". WKBN. Retrieved 28 August 2018.
  32. ^ Gauntner, Mike (February 16, 2018). "Lender forecloses on Shenango Valley Mall". WFMJ. Retrieved 27 August 2018.
  33. ^ Wood, Andrea (16 February 2018). "Shenango Mall Defaults, Owes $3.43M on Mortgage". Business Journal Daily. Retrieved 28 August 2018.
  34. ^ WKBN Staff (10 July 2018). "New York-based realty company takes control of Shenango Valley Mall". WKBN. Retrieved 28 August 2018.
  35. ^ Stevens, Glenn (July 10, 2018). "Creditor wins bid for Shenango Valley Mall lease". WFMJ. Retrieved 28 August 2018.
  36. ^ Roknick, Michael (October 10, 2018). "Sears Auto Center at mall to close". The Herald. Retrieved 15 October 2018.
  37. ^ "Sears Auto Center at Shenango Valley Mall closing this weekend". WYTV. 11 October 2018. Retrieved 15 October 2018.
  38. ^ Poole, Eric (December 22, 2018). "Mall control to continue unchanged". The Herald. Retrieved 8 January 2019.
  39. ^ Poole, Eric (January 13, 2019). "McConnell family seeks control of mall". The Herald. Retrieved 17 February 2019.
  40. ^ Cotterman, Danielle (February 8, 2019). "New operator takes reins at Shenango Valley Mall". WFMJ. Retrieved 17 February 2019.
  41. ^ Boney, Stan (19 February 2019). "State of the mall: New owners hope to save struggling Shenango Valley Mall". WKBN. Retrieved 27 February 2019.
  42. ^ Poole, Eric (June 11, 2019). "SV Mall valuation settled". The Herald. Retrieved 11 July 2019.
  43. ^ Nelson, George (1 August 2019). "LRC Realty to Acquire Shenango Valley Mall". Business Journal Daily. Retrieved 2 August 2019.
  44. ^ Dye, David; Carey, Renee (August 1, 2019). "MALL SOLD; Akron developer promises 'first-class' retailers, restaurants". The Herald. Retrieved 2 August 2019.
  45. ^ Dye, David L. (August 20, 2021). "Legal trouble hampers Shenango Valley Mall development". The Herald. Retrieved 24 November 2021.
  46. ^ Dye, David L. (February 5, 2022). "Court ruling could open door to redevelopment at Shenango Valley Mall property". The Herald. Retrieved 10 February 2022.
  47. ^ a b Selak Jr., Ron (August 12, 2022). "Ohio company acquires Shenango Valley Mall". The Vindicator. Retrieved 5 February 2023.
  48. ^ Dye, David L. (16 October 2023). "High court denies JCPenney appeal over mall". The Herald. Retrieved 23 April 2024.
  49. ^ Erdmann, Hanna; Ricciutti, Gerry (17 October 2023). "One step closer to revitalizing Shenango Valley Mall". WKBN. Retrieved 23 April 2024.
  50. ^ Roknick, Michael (6 January 2024). "JCPenney to close Hermitage store; may lead to mall redevelopment". The Herald. Retrieved 23 April 2024.
  51. ^ Erdmann, Hanna (8 January 2024). "JCPenney to close at Shenango Valley Mall". WKBN. Retrieved 23 April 2024.
  52. ^ Dye, David L. (19 April 2024). "Timetable for Shenango Valley Mall closing unclear for tenants". The Herald. Retrieved 30 April 2024.

External links

This page was last edited on 9 May 2024, at 10:55
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