The former Sears building at the Moorestown Mall, located at 400 West Route 38 in Moorestown — Courtesy: Markeim Chalmers
By Joshua Burd
A hospital system has acquired a former Sears building at a Burlington County mall, with plans to transform the structure into a 165,000-square-foot specialty care facility.
According to Markeim Chalmers Inc., which represented the buyer, Cooper University Health Care is eyeing a 2023 delivery for the project at 400 West Route 38 in Moorestown. The deal comes as part of a broader plan by the seller, an affiliate of PREIT, to reposition the Moorestown Mall with uses that will also include apartments and a hotel.
Markeim Chalmers Senior Associate Adam Dembo completed the assignment, noting that the space was a longtime location for the iconic retailer before shutting down last year. Cooper announced in March that it would convert the space to an outpatient clinic, citing the opportunity to serve its patient population in the area.
PREIT, a Philadelphia-based real estate investment trust, announced in January that it had inked a rezoning agreement with local officials that would allow it to create a mixed-use, sustainable district at the mall property. Under the first phase of the plan, the company reportedly will sell four of the property’s 84 acres to the NRP Group of Cleveland, Ohio, which will develop 365 multifamily units.