A Texas-based investment group with 2 million square feet of commercial space in its portfolio — mostly in the South — has purchased the West Manchester Mall in York County.
"We like the York market. We like the economic base and the demographics," said Tony Ruggeri of M&R Investors.
The firm had been looking at the 83-acre mall property for about four years, he said. The Lightstone Group, based in New York City, put it on the market last year.
Lightstone was unavailable for comment on the sale.
"We feel the West Manchester Mall is on a piece of real estate that is as good as any on the west side of York," Ruggeri said. "We think it's a good redevelopment opportunity."
A purchase price was not disclosed. The mall had been valued at $15 million, according to York County assessment information.
Ruggeri declined to discuss future plans for the mall.
"I don't know that anyone will notice anything (different) over the coming months," he said, as the new owners are talking to potential tenants. "We do have ideas, but it's too early to discuss them until we're deeper into the ownership."
With the economy on the mend, many retailers are beginning to expand store bases again, he said.
This is the firm's first Pennsylvania acquisition, Ruggeri said. At this time, it is not looking at any other commercial properties in Central Pennsylvania.
