Crown American

Crown American is a privately held American company that manages and develops commercial real estate. The corporate headquarters is in downtown Johnstown, Pennsylvania, in a building designed by architect Michael Graves.

Crown American
TypePrivate
IndustryCommercial Real Estate
Founded1950
HeadquartersJohnstown, Pennsylvania
Key people
Michael A. Barletta, President & CEO
ProductsHotels, restaurants, office, retail
Websitecrownamericanassociates.com

History

The company was founded in 1950 as Crown Construction. Frank J. Pasquerilla, who joined less than a year later, became president in 1956 and sole owner in 1961. The company's name was changed to Crown American in 1972 and in 1979 it acquired the Hess's department store chain.

In 1993, the company split into two entities. The shopping mall portion of the company became a publicly held real estate investment trust, Crown American Realty Trust, and Crown American Hotels controlled the company's hospitality businesses. At its peak, Crown American operated 30 shopping malls, the Hess's department store chain (with 73 locations), and 20 hotels and motels.

In 2003 the shopping mall development and management unit, Crown American Realty Trust, was sold to Pennsylvania Real Estate Investment Trust. The hospitality unit, Crown American Hotels, was retained. In 2005, 22 of the company's 26 hotels were acquired by W2001 Eastern Hotel Realty, an affiliate of the Archon Group, which assumed responsibility for their management.

Frank Pasquerilla died from a stroke in 1999. His son, Mark E. Pasquerilla, serves as chairman of Crown American Hotels. Mark Pasquerilla joined the company in 1981 and was named president in 1990. He is a graduate of the University of Notre Dame, completed a master of science degree in international relations at the London School of Economics, and studied international affairs at the University of Cologne. Michael Barletta is president and chief executive officer.

List of former malls

Crown American has owned a total of 30 shopping malls during its history. When they merged with PREIT in 2003, they owned 26 malls, and were partners in one other.[1][2] Crown American also owned a ground lease for an anchor pad at the Westgate Mall in Bethlehem, Pennsylvania, though they did not own the mall itself.[3]

Companies who own Crown American malls as of September 2020

  • Mason Asset Management/Namdar Realty Group – 8 malls
  • PREIT – 7 malls (Owned 26 malls at the 2003 merger)
  • Kohan Retail Investment Group – 2 malls
  • General Acquisitions LLC – 1 mall
  • CityView Commercial LLC – 1 mall
  • GFM 23 LLC – 1 mall
  • Giant Food Stores – 1 mall
  • GS Mortgage Securities Trust – 1 mall
  • Hull Property Group – 1 mall
  • M&R Investors – 1 mall
  • Nicholas Park Mall, LLC – 1 mall
  • NP New Castle LLC – 1 mall
  • Paramount Developers – 1 mall
  • RealtyLink – 1 mall
  • RockStep Capital – 1 mall
  • Shane Morrison Companies – 1 mall
Mall nameYear openedYear closedLocationOwners
Carlisle Plaza Mall (now The Point at Carlisle Plaza)1964Carlisle, PACrown American 1969–2002; Carlisle Realty Partners 2002–2005; Cedar Realty Trust 2005–2012; Giant PA 2012–present[4][5]
Logan Valley MallNovember 1965Altoona, PACrown American 1965–2003; PREIT 2003–2017; Mason Asset Management 2017–present
North Hanover Mall1967Hanover, PACrown American 1967–2003; PREIT 2003–2014; Mason Asset Management 2014–present
Shenango Valley Mall1967Hermitage, PACrown American 1967–2003; PREIT 2003–2004; The Lightstone Group 2004–2009; JSMN Shenango Valley Mall Unknown – 2018; Iowa Square Realty LLC 2018–2019; GFM 23 LLC 2019–present
Nittany MallJanuary 1968State College, PACrown American 1968–2003; PREIT 2003–2014; Mason Asset Management 2014–present
Viewmont Mall1968Scranton, PACrown American 1968–2003; PREIT 2003–present
Washington Crown Center1969Washington, PACrown American 1969–2003; PREIT 2003–2016; Kohan Retail Investment Group 2016–present
Middletown Mall (now Middletown Commons)1969Fairmont, WVCrown American 1969–1970; Crown American (50%) / First Union Real Estate Equity (50%) 1970–1995; Crown American 1995–1998; Dietrich Steven Fansler 1998–2018; General Acquisitions LLC 2018–present[6][7][8][9][10]
Wyoming Valley Mall1971Wilkes-Barre, PACrown American 1971–1972; Crown American (50%) / First Union Real Estate Equity (50%) 1972–1995; Crown American 1995–2003; PREIT 2003–2019; GS Mortgage Securities Trust 2019–present[6][7]
Uniontown Mall1972Uniontown, PACrown American 1972–2003; PREIT 2003–2015; Namdar Realty Group 2015–present
Palmer Park Mall1973Easton, PACrown American (50%) / PREIT (50%) 1973–2003; PREIT 2003–2016; CityView Commercial LLC 2016–present[11][12]
Capital City Mall1974Camp Hill, PACrown American 1974–2003; PREIT 2003–present
Valley MallAugust 1974Hagerstown, MDShopco Malls 1974–1989; ERE Yarmouth 1989–1997; Crown American 1997–2003; PREIT 2003–present[13]
South Mall1975Allentown, PAHess's Department Stores, Inc. 1975-1979; Crown American 1979–2003; PREIT 2003–2014; Nicholas Park Mall, LLC. 2014–present[14][11][15]
Francis Scott Key Mall1978Frederick, MDCrown American 1978–2003; PREIT 2003–present
Lycoming Mall1978Pennsdale, PACrown American 1978–2003; PREIT 2003–2016, Kohan Retail Investment Group 2016–present
Valley View Mall1980La Crosse, WIEquitable Life Insurance Society of the United States Unknown–2002; Crown American 2002–2003; PREIT 2003–present[16]
Schuylkill MallOctober 9, 1980January 15, 2018Frackville, PACrown American 1980–2003; PREIT 2003–2007; Empire Reality Investments 2007–2017; NP New Castle LLC 2017–2018
Crossroads Mall1981Beckley, WVBeckley-Jacksonville Ltd. Partnership Unknown–1998; Crown American 1998–2003; PREIT 2003–2017; Namdar Realty Group 2017–present[17]
Jacksonville Mall1981Jacksonville, NCBeckley-Jacksonville Ltd. Partnership Unknown–1998; Crown American 1998–2003; PREIT 2003–present[17]
West Manchester Mall (Now West Manchester Town Center)1981York, PACrown American 1981–2003; PREIT 2003–2005; The Lightstone Malls 2005–2012; M&R Investors 2012–present
Chambersburg Mall1982Scotland, PACrown American 1982–2003; PREIT 2003–2013; Mason Asset Management 2013–present
Wiregrass Commons MallAugust 1986Dothan, ALMetropolitan Life Insurance Company Unknown–2002; Crown American 2002–2003; PREIT 2003–2016; Farallon Capital Management 2016–2018; Namdar Realty Group 2018–present[18]
Patrick Henry Mall1987Newport News, VACrown American 1987–2003; PREIT 2003–present
New River Valley Mall (Now Uptown Christiansburg)1988Christiansburg, VACrown American 1988–2003; PREIT 2003–2016; Farallon Capital Management 2016–2019; RockStep Capital 2019–present
Oak Ridge Mall (Now Main Street Oak Ridge)1989[n 1]2016[n 2]Oak Ridge, TNCrown American 1989–2003; Crown Investments Trust 2003; Oak Ridge City Center LLC 2003–2016; RealtyLink (TN Oak Ridge Rutgers LLC) 2016–present[19][20]
Phillipsburg Mall19892020 Phillipsburg, NJCrown American 1989–2003;[11] PREIT 2003–2013;[21] Mason Asset Management 2013–present
Martinsburg Mall (Now Foxcroft Towne Center at Martinsburg)1991Martinsburg, WVCrown American 1991–2003; PREIT 2003–2005; The Lightstone Malls 2005–2010; Mountain State University 2010–2013; Paramount Developers 2013–present
Bradley Square Mall1991Cleveland, TNCrown American 1991–2003; PREIT 2003–2005; The Lightstone Malls 2005–2010; The Shane Morrison Companies 2010-present
Mount Berry Square1991Rome, GACrown American 1991–2003; PREIT 2003–2005; Hull Property Group 2005-present

Notes
  1. Originally a shopping center that opened in the 1950s. Later converted into a mall.
  2. Mostly abandoned for several years except for two anchors. Demolition and redevelopment began in 2016.

References
  1. Blumenau, Kurt (November 12, 2003). "Crown American is bought by PREIT". The Morning Call. Retrieved 24 May 2016.
  2. Michael Roknick, Michael (May 15, 2003). "Pa. firm buying mall's owner". Sharon Herald. Retrieved 3 September 2018.
  3. SEC. "Crown American Realty Trust 1996 Annual Report 10-K". SEC.report. Retrieved 2020-07-14.
  4. "Crown American to Buy Ala. Mall, Sells Pa. Property". www.crenews.com. 2002-11-01. Retrieved 2020-07-14.
  5. "Key Point events since 2002". The Sentinel. March 1, 2015. Retrieved 24 September 2020.
  6. "FIRST UNION REAL ESTATE EQUITY v. Crown American Corp., 639 F. Supp. 838 (M.D. Pa. 1986)". Justia Law. Retrieved 2020-07-15.
  7. SEC. "Winthrop Realty Liquidating Trust Prospectus 424B2". SEC.report. Retrieved 2020-07-15.
  8. Dahlia, John (2018-04-27). "Middletown Mall sale for nearly $13.7 million moves forward". WV News. Retrieved 2020-07-15.
  9. "Quarterly Report". sec.gov.
  10. McLaughlin, Justin (2006-05-18). "Property around mall to be auctioned". Times West Virginian. Retrieved 2020-07-15.
  11. Blumenau, Kurt (2003-11-12). "Crown American is bought by PREIT ** The $1.2 billion deal brings many area malls under one ownership". The Morning Call. Retrieved 2019-08-05.
  12. Pedersen, Brian (2016-02-24). "New York firm buys Palmer Park Mall for $18M". LVB.com. Retrieved 2019-08-05.
  13. "Mall in Hagerstown bought by Pa. company". baltimoresun.com. 1997-11-20. Retrieved 2020-07-14.
  14. Salerno, Allison (1994-09-11). "MALL STORES HOPE BON-TON BRINGS GOOD TIMES AS IT REPLACES HESS'S". The Morning Call. Retrieved 2019-08-04.
  15. Harris, Jon (2017-11-17). "South Mall, under new ownership, on an 'upward path'". The Morning Call. Retrieved 2019-08-05.
  16. "Crown completes Wis. mall purchase". www.bizjournals.com. 2002-09-27. Retrieved 2020-07-14.
  17. Jones, Dow (1998-04-30). "Company News; Crown American to Buy Two Malls for $61 Million". The New York Times. ISSN 0362-4331. Retrieved 2020-07-14.
  18. "Purchase and Sale Agreement". www.lawinsider.com. 2002-12-02. Retrieved 2020-07-14.
  19. "Crown American Sells Tenn. Mall". www.crenews.com. Retrieved 2020-07-15.
  20. "Oak Ridge City Center, LLC, Announces Purchase of Oak Ridge Mall". www.businesswire.com. 2003-06-18. Retrieved 2020-07-15.
  21. Harris, Jon (2019-02-26). "What happened to the Phillipsburg Mall? Behind the vacancies and decay: A tough retail climate and low-investment owners". The Morning Call. Retrieved 2019-08-05.
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