History
The Granite Run Mall opened in 1974. In 1986, the Gimbels store was converted to Sterns after Allied Stores purchased seven Gimbels locations in the Philadelphia area. In 1989, Stern's closed; it was replaced with Boscov's in 1993. In 1998, Simon Property Group and Macerich purchased the mall, with Simon responsible for managing the mall. In recent times, the Granite Run Mall has seen an increase in vacancies and interest was shown in selling the mall. In February 2011, Simon and Macerich were over 30 days delinquent on the mall's $115 million mortgage, leading to the possibility of a sale or forfeiture of the mall. On April 1, 2011, Madison Marquette acquired the Granite Run Mall from Simon Property Group. Following the acquisition, Madison Marquette announced plans to improve lighting, the parking lots, and sidewalks as well as to fill vacancies.
Read more about this topic: Granite Run Mall
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