Cooper opts to buy, rather than rent, former mall building for outpatient facility

Cooper University Health Care, which announced earlier this year that it is opening an outpatient location at the Moorestown Mall, has opted to purchase the space it will occupy.

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.