Struggling Phillipsburg Mall Owners 'Ideally' Looking At Sale

PHILLIPSBURG, N.J. (AP) - The owners of a struggling New Jersey mall say they are looking to sell the property. The Morning Call reports that the president of Mason Asset Management, Elliot Nassim, says he and his partners are "ideally" looking at selling the Phillipsburg Mall.

The company said last year that it was looking at redevelopment, sale or joint venture for the 30-year-old shopping center on Route 22 in Pohatcong and Lopatcong townships.

But Nassim told the paper Tuesday that the company isn't really equipped to handle a redevelopment so "third parties" are being sought.

The property's assessed value cited in a tax court case earlier this year was about $24 million, down from about $29 million last year. The mall has struggled since losing anchors J.C. Penney,Sears and The Bon-Ton.

Copyright 2019 The Associated Press.