Crown American Explained

Crown American
Type:Private
Foundation:1950
Location:Johnstown, Pennsylvania, U.S.
Industry:Commercial real estate
Products:Hotels, restaurants, office, retail
Key People:Michael A. Barletta, President and CEO
Homepage:crownamericanassociates.com

Crown American is a privately held American company that manages and develops commercial real estate. The corporate headquarters is in downtown Johnstown, Pennsylvania, in a building designed by architect Michael Graves.[1]

History

The company was founded in 1950 as Crown Construction. Frank J. Pasquerilla, who joined less than a year later, became president in 1956 and sole owner in 1961. The company's name was changed to Crown American in 1972 and in 1979, it acquired the Hess's department store chain. In 1993, the company split into two entities. The shopping mall portion of the company became a publicly held real estate investment trust, Crown American Realty Trust, and Crown American Hotels controlled the company's hospitality businesses. At its peak, Crown American operated 30 shopping malls, the Hess's department store chain (with 73 locations), and 20 hotels and motels.

In 2003 the shopping mall development and management unit, Crown American Realty Trust, was sold to Pennsylvania Real Estate Investment Trust. The hospitality unit, Crown American Hotels, was retained. In 2005, 22 of the company's 26 hotels were acquired by W2001 Eastern Hotel Realty, an affiliate of the Archon Group, which assumed responsibility for their management. Frank Pasquerilla died from a stroke in 1999. His son, Mark E. Pasquerilla, serves as chairman of Crown American Hotels. Mark Pasquerilla joined the company in 1981 and was named president in 1990. He is a graduate of the University of Notre Dame, completed a master of science degree in international relations at the London School of Economics, and studied international affairs at the University of Cologne. Michael Barletta is president and chief executive officer.

List of former malls

Crown American has owned a total of 30 shopping malls during its history. When they merged with PREIT in 2003, they owned 26 malls, and were partners in one other.[2] [3] Crown American also owned a ground lease for an anchor pad at the Westgate Mall in Bethlehem, Pennsylvania, though they did not own the mall itself.[4]

Mall name Year opened Year closed Location Owners
Carlisle Plaza Mall1964 Crown American 1969–2002; Michael Joseph Development Corp. 2002–2005; Cedar Realty Trust 2005–2012; Giant PA 2012–present[5]
November 1965 Altoona, PACrown American 1965–2003; PREIT 2003–2017; Namdar Realty Group 2017–present[6]
1967 Crown American 1967–2003; PREIT 2003–2014; Namdar Realty Group 2014–present[7] [8]
1967 Crown American 1967–2003; PREIT 2003–2004; Lightstone 2004–2009; JSMN Shenango Valley Mall 2009–2018; Iowa Square Realty LLC 2018–2019; GFM 23 LLC 2019–2022; Butterfli Holdings LLC (FLICORE LLC) 2022–present[9] [10] [11] [12]
January 1968 Crown American 1968–2003; PREIT 2003–2014; Namdar Realty Group 2014–present
1968 Crown American 1968–2003; PREIT 2003–present
1969 Crown American 1969–2003; PREIT 2003–2016; Kohan Retail Investment Group 2016–present[13]
Middletown Mall1969 Fairmont, WV Crown American 1969–1970; Crown American (50%) / First Union Real Estate Equity (50%) 1970–1995; Crown American 1995–1998; Dietrich Steven Fansler 1998–2018; General Acquisitions LLC 2018–present[14] [15] [16] [17] [18]
Wyoming Valley Mall1971 Wilkes-Barre, PACrown American 1971–1972; Crown American (50%) / First Union Real Estate Equity (50%) 1972–1995; Crown American 1995–2003; PREIT 2003–2019; GS Mortgage Securities Trust 2019–2021; Kohan Retail Investment Group 2021–2023; 4th Dimension Properties 2023–present[19] [20]
Uniontown Mall1972 Uniontown, PACrown American 1972–2003; PREIT 2003–2015; Namdar Realty Group 2015–present[21]
Palmer Park Mall1973 Easton, PACrown American (50%) / PREIT (50%) 1973–2003; PREIT 2003–2016; CityView Commercial LLC 2016–present[22]
Capital City Mall1974 Camp Hill, PACrown American 1974–2003; PREIT 2003–present
Valley MallAugust 1974 Hagerstown, MDShopco Malls 1974–1989; ERE Yarmouth 1989–1997; Crown American 1997–2003; PREIT 2003–present[23]
South Mall1975 Allentown, PAHess's Department Stores, Inc. 1975–1979; Crown American 1979–2003; PREIT 2003–2014; Nicholas Park Mall, LLC. 2014–present[24] [25]
Francis Scott Key Mall1978 Frederick, MDCrown American 1978–2003; PREIT 2003–present
Lycoming Mall1978 February 24, 2023[26] Pennsdale, PACrown American 1978–2003; PREIT 2003–2016, Kohan Retail Investment Group 2016–2023, FamVest Partners LLC 2023–present[27] [28]
Valley View Mall1980 La Crosse, WIEquitable Life Insurance Society of the United States Unknown–2002; Crown American 2002–2003; PREIT 2003–present[29]
Schuylkill MallOctober 9, 1980 January 15, 2018 Frackville, PACrown American 1980–2003; PREIT 2003–2007; Empire Reality Investments 2007–2017; NP New Castle LLC 2017–2018
Crossroads Mall 1981 Beckley, WVBeckley-Jacksonville Ltd. Partnership Unknown–1998; Crown American 1998–2003; PREIT 2003–2017; Namdar Realty Group 2017–present[30] [31]
Jacksonville Mall1981 Jacksonville, NCBeckley-Jacksonville Ltd. Partnership Unknown–1998; Crown American 1998–2003; PREIT 2003–present
West Manchester Mall1981 York, PACrown American 1981–2003; PREIT 2003–2004; Lightstone 2004–2012; M&R Investors 2012–present[32]
Chambersburg Mall1982 June 2023Scotland, PACrown American 1982–2003; PREIT 2003–2013; Namdar Realty Group 2013–present[33]
Wiregrass Commons MallAugust 1986 Dothan, ALMetropolitan Life Insurance Company Unknown–2002; Crown American 2002–2003; PREIT 2003–2016; Farallon Capital Management 2016–2018; Namdar Realty Group 2018–present[34]
Patrick Henry Mall1987 Newport News, VACrown American 1987–2003; PREIT 2003–present
New River Valley Mall1988 Christiansburg, VACrown American 1988–2003; PREIT 2003–2016; Farallon Capital Management 2016–2019; RockStep Capital 2019–present
Oak Ridge Mall19892016Oak Ridge, TNCrown American 1989–2003; Crown Investments Trust 2003; Oak Ridge City Center LLC 2003–2016; RealtyLink (TN Oak Ridge Rutgers LLC) 2016–present[35] [36]
Phillipsburg Mall1989 2020 Phillipsburg, NJCrown American 1989–2003; PREIT 2003–2013; Namdar Realty Group 2013–present[37]
Ashland Town Center1989-10-04Ashland, KYCrown American 33% / Glimcher Realty 33% / Edward J. DeBartolo Corporation 33% 1989–unknown; Glimcher Realty unknown–2015; Washington Prime Group 2015–present[38] [39]
Martinsburg Mall1991 Martinsburg, WVCrown American 1991–2003; PREIT 2003–2004; Lightstone 2004–2009; Jones Lang LaSalle 2009–2012; Mountain State University 2010–2013; Paramount Developers 2013–present[40] [41]
Bradley Square Mall1991 Cleveland, TNCrown American 1991–2003; PREIT 2003–2004; Lightstone 2004–2009; The Shane Morrison Companies 2009-present
Mount Berry Square1991 Rome, GACrown American 1991–2003; PREIT 2003–2004; Lightstone 2004–2009; Jones Lang LaSalle 2009–2012; Hull Property Group 2012-present[42] [43] [44]

References

External links

Notes and References

  1. Web site: The Crown American Headquarters Building. dead. https://web.archive.org/web/19980207195506/http://crownam.com/cwnbldg.htm. 1998-02-07. 2021-08-01. Crown American Realty Trust.
  2. News: Blumenau. Kurt. Crown American is bought by PREIT. 24 May 2016. The Morning Call. November 12, 2003.
  3. News: Michael Roknick . Michael . Pa. firm buying mall's owner . 3 September 2018 . Sharon Herald . May 15, 2003.
  4. Web site: SEC. Crown American Realty Trust 1996 Annual Report 10-K. 2020-07-14. SEC.report. en.
  5. News: Key Point events since 2002 . 24 September 2020 . The Sentinel . March 1, 2015 . en.
  6. Web site: New York companies buy Logan Valley Mall. 2021-08-01. altoonamirror.com. en-US.
  7. Web site: PREIT Announces New Redevelopment Plans for North Hanover and Jacksonville Malls. 2021-08-01. www.snl.com.
  8. Web site: 2016-06-10. Other malls have found Namdar a good owner, but no panacea. 2021-08-01. Concord Monitor. In 2014, Namdar bought Nittany and a similar Pennsylvania mall, North Hanover Mall, for $32.3 million. They were sold by a Pennsylvania real estate trust called PREIT that has unloaded more than a dozen malls in an attempt to pay down its debt load..
  9. Web site: Roknick. Michael. 2018-02-16. Shenango Valley Mall enters receivership after loan default but remains open. 2021-08-01. New Castle News. en.
  10. Web site: Poole. Eric. 2019-02-08. Shenango Valley Mall changes hands. 2021-08-01. New Castle News. en.
  11. Web site: Dye, David and Carey, Renee. 2019-08-01. Shenango Valley Mall sold to Akron-based company. 2021-08-01. New Castle News. en.
  12. News: Dye . David L. . Shenango Valley Mall under new ownership . 5 February 2023 . The Herald . August 10, 2022 . en.
  13. Web site: Urbanski. Al. 2016-08-16. PREIT sells Washington Crown Center to Kohan. 2021-08-02. Chain Store Age. en.
  14. Web site: FIRST UNION REAL ESTATE EQUITY v. Crown American Corp., 639 F. Supp. 838 (M.D. Pa. 1986). 2020-07-15. Justia Law. en.
  15. Web site: SEC. Winthrop Realty Liquidating Trust Prospectus 424B2. 2020-07-15. SEC.report. en.
  16. Web site: Dahlia. John. 2018-04-27. Middletown Mall sale for nearly $13.7 million moves forward. 2020-07-15. WV News. en.
  17. Web site: Quarterly Report. sec.gov.
  18. Web site: McLaughlin. Justin. 2006-05-18. Property around mall to be auctioned. 2020-07-15. Times West Virginian. en.
  19. News: Lynott . Jerry . Struggling Wyoming Valley Mall has new owner . 23 November 2021 . Times Leader . 28 August 2021.
  20. News: Tomkavage . Robert . Florida firm acquires Wyoming Valley Mall . 18 October 2023 . Scranton Times-Tribune . 17 October 2023 . en.
  21. Web site: 2015-08-07. PREIT Sells 700,000-Square-Foot Uniontown Mall for $23 Million. 2021-08-02. Shopping Center Business. en-US.
  22. Web site: Pedersen. Brian. 2016-02-24. New York firm buys Palmer Park Mall for $18M. 2019-08-05. LVB.com. en-US.
  23. Web site: 1997-11-20. Mall in Hagerstown bought by Pa. company. 2020-07-14. baltimoresun.com. en-US.
  24. Web site: Salerno. Allison. 1994-09-11. MALL STORES HOPE BON-TON BRINGS GOOD TIMES AS IT REPLACES HESS'S. 2019-08-04. The Morning Call. en-US.
  25. Web site: Harris. Jon. 2017-11-17. South Mall, under new ownership, on an 'upward path'. 2019-08-05. The Morning Call.
  26. News: Farenish . Melissa . End of an era: Local folks recall memories of Lycoming Mall . 26 February 2023 . NorthcentralPA . February 25, 2023 . en.
  27. Web site: 2016-04-16. Lycoming Mall sells for more than $26M. 2021-08-02. Williamsport Sun-Gazette. en-US.
  28. News: Crossley . Pat . Real estate closing marks official sale of former Lycoming Mall . 12 September 2023 . Williamsport Sun-Gazette . June 23, 2023.
  29. Web site: 2002-09-27. Crown completes Wis. mall purchase. 2020-07-14. www.bizjournals.com.
  30. News: Jones. Dow. 1998-04-30. Company News; Crown American to Buy Two Malls for $61 Million. en-US. The New York Times. 2020-07-14. 0362-4331.
  31. Web site: Adelman. Jacob. 2017-01-17. PREIT sells Beaver Valley Mall in Western Pennsylvania for $24.2M. 2021-08-02. The Philadelphia Inquirer. en.
  32. Web site: 2012-09-21. Lightstone Sells York, Pa., Mall. 2021-08-02. Commercial Real Estate Direct. en-US.
  33. Web site: Schooley. Tim. 2015-08-05. New York firm buys region's 15th-biggest mall. 2021-08-02. www.bizjournals.com.
  34. Web site: 2002-12-02. Purchase and Sale Agreement. 2020-07-14. www.lawinsider.com. en.
  35. Web site: Crown American Sells Tenn. Mall. 2020-07-15. www.crenews.com.
  36. Web site: 2003-06-18. Oak Ridge City Center, LLC, Announces Purchase of Oak Ridge Mall. 2020-07-15. www.businesswire.com. en.
  37. Web site: Harris. Jon. 2019-02-26. What happened to the Phillipsburg Mall? Behind the vacancies and decay: A tough retail climate and low-investment owners. 2019-08-05. The Morning Call.
  38. Web site: Jeutt. James. 2014-10-27. Town Center seamed with changes of 1980s. 2021-08-01. The Independent Online. en.
  39. Web site: Thomas. Lauren. 2021-03-04. Mall owner Washington Prime reportedly preparing to file for bankruptcy protection. 2021-08-01. CNBC. en.
  40. News: 2008-12-10. Lightstone's Trouble at the Shopping Mall. en-US. Wall Street Journal. 2021-08-01. 0099-9660.
  41. News: 2010-04-14. Back to School for Failing Mall. en-US. Wall Street Journal. 2021-08-01. 0099-9660.
  42. Web site: Shenango Valley Mall Gets New Owner Business Journal Daily. 2021-07-24. archive.businessjournaldaily.com.
  43. Web site: Steele. Bryant. Days of change at Mount Berry Square mall; Mall weathers economy with new ownership. 2021-08-01. Northwest Georgia News. en.
  44. Web site: Hull Storey Gibson acquires Mount Berry Square Mall. 2021-07-24. Chain Store Age. en.