Shenango Valley Mall

Last updated
Shenango Valley Mall
Shenango Valley Mall
Location Hermitage, Pennsylvania, United States
Coordinates 41°14′07″N80°26′46″W / 41.2352778°N 80.44611111111111°W / 41.2352778; -80.44611111111111
Address3303 East State Street
Opening dateMarch 13, 1968 [1]
Closing dateMay 31, 2024
Developer Crown American [2]
ManagementPenn Commercial [3]
OwnerButterfli Holdings LLC (FLICORE LLC) [4]
No. of stores and servicesAbout 20 [5]
No. of anchor tenants 3 [6] [7]
Total retail floor area 507,837 sq ft (47,179.6 m2) [8] [n 1]
No. of floors1 [8]
Parking2,466 spaces [8]
Website Shenango Valley Mall

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

Contents

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 closed 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)

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References

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  6. 1 2 Roknick, Michael (February 16, 2018). "Shenango Valley Mall enters receivership after loan default but remains open". The Herald. Retrieved 27 August 2018.
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  39. ↑ Poole, Eric (January 13, 2019). "McConnell family seeks control of mall". The Herald. Retrieved 17 February 2019.
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  45. ↑ Dye, David L. (August 20, 2021). "Legal trouble hampers Shenango Valley Mall development". The Herald. Retrieved 24 November 2021.
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  47. 1 2 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.
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  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.
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