PARMA, Ohio — Parmatown Mall is now the property of Phillips Edison and Co., a retail real estate firm.
Phillips Edison and Co. bought the mortgage and the property with plans to redevelop it, according to the company.
The 1.18 million square foot complex includes Parmatown Plaza with JCPenney’s, Walmart and Dick’s Sporting Goods, Parmatown Strip Center and Parmatown Medical Center.
Roy Williams, vice president of Phillips Edison and Co., stated the following:
“Phillips Edison has been in the business of redeveloping retail properties for over 20 years. Parmatown represents an ideal opportunity to apply our expertise and revitalize this historic property to its full potential. Now that the acquisition process has been concluded, we will focus our efforts on a comprehensive strategy that will rejuvenate this key component of Parma’s commercial center.”
The company is also purchasing the closed Macy’s and nearby retail space.
Plans for the acquired space are currently unknown.