COLUMBIA_MALL

COLUMBIA MALL

225 Columbia Mall Dr. Bloomsburg, PA

Price: 

$23000000

Cap:

0%

NOI:

$0

Square Footage:

400,000

Lot Size:

0 Acres

Year Built/Remodeled:

PENNSYLVANIA BROKER OF RECORD: REALTY MARK ASSOCIATES

Property Description: 

Capital Commercial Partners is pleased to bring to market Columbia Regional Mall, a 400,000 SF regional mall on 34.95 acres located in Bloomsburg, PA. The mall is primed and ready for redevelopment. The investment offers an unprecedented opportunity for a complete transformation of the mall.

Webstaurant recently completed it’s 540,000 SF logistics facility across the street. Given its strategic location at the crossroads of I-80 & Route 42 and its close proximity to the eastern seaboard, the mall offers an opportunity for conversion to warehouse/logistics.

DEMAND FOR SPACE: Chipotle and Aspen Dental just signed agreements to take the pad next to Arby’s. The seller is also negotiating with Michael’s Stores on 15,000 SF at the mall.

Geisinger Health Systems recently acquired the adjoining 72.5 acres of raw land for $17M and is developing a $500-$600M new hospital, one-of-a-kind orthopedic surgery center, assisted living, welcome center, and parking garage all surrounding the mall. The demand for space is going to skyrocket over the next 6-12 months in order for tenants to be near the new hospital campus.

The mall sits just off the I-80 interchange with 35,000 vehicles per day and 11,000 vehicles per day on Route 42. It is close to Bloomsburg University with a student enrollment of approximately 9,900+ students. Bloomsburg U has a storied history being founded in 1839. It’s the 3 Rd largest of the 14 universities in Pennsylvania. It made the list of top universities in the northern region according to U.S. News and World Reports annual rankings.

Investment Highlights:

Rare opportunity to redevelop and control 400,000 SF regional mall on 34.9 acres
Priced at a fraction of replacement cost; only $59.12 PSF
Geisinger Health Systems just closed on 72.5 acres of land adjoining the mall for $17M to develop a new $500-$600M hospital campus
Potential for 100 unit “Class A” apartments to be built on mall site supporting Geisinger employees
Possible conversion to warehouse/logistics
Cost to duplicate 400,000 SF is in excess of $80M
Chipotle and Aspen Dental just signed agreements for one of the pads (not included)
Michael’s Stores ready to take 15,000 SF of mall space ASAP

Financial Summary:

All Cash

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