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Real estate firm Markeim Chalmers Inc. announced the transaction, which will see Cooper purchase the former Sears location at the mall from Pennsylvania Real Estate Investment Trust. The 165,000-square-foot property, at 400 W. Route 38, will become a state-of-the-art specialty care facility that is expected to open in 2023.
Adam Dembo of Cherry Hill-based Markeim Chalmers represented the buyer in the transaction.
PREIT is repositioning the mall, with redevelopment including housing and hospitality elements.
Financial terms of the acquisition were not disclosed.