Western New Jersey

New Jersey mall owner mulls alternatives after tenant losses

PHILLIPSBURG, N.J. (AP) - A New Jersey mall owner is looking at alternatives for the property's future following the recent loss of two anchor stores.

Elliot Nassim, president of Mason Asset Management, says among the options being considered for the Phillipsburg Mall are redevelopment, sale or joint venture.

He spoke to reporters this week after Bon-Ton announced that its location at the Route 22 mall will be among those closing in the next few months, according to Lehigh Valley Live. 

In November, Sears Holdings Corp. said the Phillipsburg Mall location would close at the 577,000-square-foot mall on the line straddling Pohatcong and Lopatcong townships.

Kohl's remains at the mall, and Black Rose Antiques and Collectibles has replaced J.C. Penney, which closed in 2014.

Mason Asset Management, of Great Neck, New York, bought the property in 2013 for $11.5 million.

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