Shenango Valley Mall

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

Shenango Valley Mall
LocationHermitage, Pennsylvania, United States
Coordinates41.2352778°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

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. "Shenango Valley Mall" (PDF). Urban Retail Properties. 17 November 2010. Archived from the original (PDF) on November 17, 2010. Retrieved 27 August 2018.
  2. Roknick, Michael (December 3, 2000). "SV Mall adapts to change". The Herald. Retrieved 27 August 2018.
  3. Poole, Eric (February 7, 2019). "Mall changes hands". The Herald. Retrieved 17 February 2019.
  4. Poole, Eric (December 22, 2018). "Mall control to continue unchanged". The Herald. Retrieved 8 January 2019.
  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. Roknick, Michael (February 16, 2018). "Shenango Valley Mall enters receivership after loan default but remains open". The Herald. Retrieved 27 August 2018.
  7. 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. 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. Roknick, Michael (June 3, 2018). "JCPenney turning 50 at SV Mall". The Herald. Retrieved 27 August 2018.
  10. 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.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.
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