EGG HARBOR TOWNSHIP — The Harbor Square shopping plaza —the former Shore Mall — was sold this week to a New York City real estate company at a price that was not disclosed.
Brenda Walker, the vice president and chief operating officer of Cedar Realty Trust, confirmed the sale, but provided no additional details. Cedar Realty Trust, of Port Washington, N.Y., had owned the shopping plaza, which was built in 1968.
The sale comes after Cedar Realty Trust demolished about one-third of the mall last year, citing changing consumer shopping pattern preferences. The publicly traded company bought the mall and surrounding property for $36.5 million in 2006.
The new owners are Centurion Management Corp., a New York City-based realty holding company, according to Egg Harbor Township Mayor James “Sonny” McCullough. McCullough announced the sale at Wednesday’s township meeting. He said he wasn’t happy with Cedar Realty’s management, and is looking forward to working with the new owners.
Gerard J. Valerius, Centurion’s president, could not immediately be reached. Cedar Trust Realty officials declined comment.
Valerius also serves as a director for the United States Realty & Investment Company, the parent company of Aetna Realty, which owns the English Creek Shopping Center and the Shoppes at English Creek in Egg harbor Township, as well as Pleasantville’s Pleasantville Shopping Center, according to its website.
Aetna also owns several office buildings in Egg Harbor Township and Atlantic City, and has long planned to build Centurion Plaza on a North South Carolina Avenue surface parking lot in Atlantic City that is now used by Superior Court staff.
As of Wednesday, Cedar Realty Trust continued to list Harbor Square on its corporate website, describing it as having 337,423 rentable square feet situated on 73.3 acres of land, as well as unspecified “development opportunities.”
Harbor Square’s assessment rose almost 80 percent to $51.6 million in 2013, following a township-wide assessment. Its property taxes similarly climbed to $1.2 million.
The remaining tenants at the property include Boscov's, Burlington Coat Factory, TGI Friday's, Carrabba's and Golden Corral. There is also a state Motor Vehicle Commission office there.
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