The Clearfield Mall may soon be under new ownership, with a brighter future in store if all goes according to plan.
During Tuesday’s Lawrence Township Supervisor’s meeting Robert Sichelstiel and Justin Bartholomew of Pennmark Real Estate Investors introduced themselves to the supervisors and said they are currently doing due diligence with the plan of purchasing the mall from Zamias.
Sichelstiel noted that Pennmark currently owns Clearfield Plaza, home of Big Lots and Save-A-Lot. He said they were responsible for bringing Rural King to Clearfield, although that portion is now currently owned by someone else.
Pennmark has purchased other malls in Pennsylvania, as well as New Jersey and Ohio, and turned them around. Sichelstiel noted their most recent venture was the Coventry Mall in Pottstown, which was in a similar situation as Clearfield Mall with fewer tenants and structural deficiencies.
According to information provided by Sichelstiel and Bartholomew, Coventry had 65 percent of its storefronts occupied and after purchasing in 2016, the company spent money on structural improvements, hired an events coordinator and a year later saw 85 percent occupancy and higher customer turn out.
Other locations Pennmark has purchased include Crossroads at Plymouth Meeting, PA; East Towne Center in Lancaster, PA; and Chippewa Center in Beaver Falls, PA.
The plan for Clearfield Mall is to first put in about half a million dollars worth of improvements, Sichelstiel said. From there they will look at ways to increase traffic to the mall and bring in more renters to the vacant storefronts in the mall and make it a viable part of the community again.
Pennmark will continue to keep the supervisors updated on progress and plans for the building as they move forward.