Mall in Hagerstown bought by Pa. company

MARYLAND WATCH

November 20, 1997

Crown American Realty Trust, a Pennsylvania-based mall-management company, said yesterday that it has purchased the 680,000-square-foot Valley Mall shopping center in Hagerstown for $31.7 million.

The all-cash deal was closed Tuesday.

About 300 people work at the mall. According to Crown American, all current employees will be retained.

Crown American also acquired 31 acres of land next to the mall on Nursery Road in the sale. The Johnstown, Pa., company said the land would be used for expansion, but would not discuss prospective tenants or other details.

Crown American owns or operates 25 other malls in the Northeast and South, including Francis Scott Key Mall in Frederick.

"When you look at the fact that we own properties in the area, it was a very natural acquisition for us," Crown American spokeswoman Christine Menna said.

Crown American will own and manage the mall, which opened in 1974 and was renovated in 1995. The previous owner and manager of the mall was ERE Yarmouth, a New York- and Atlanta-based real estate management and advisory firm.

Pub Date: 11/20/97

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