PHILLIPSBURG, N.J. — A New Jersey mall owner is looking at alternatives for the property’s future following the recent loss of two anchor stores.

Elliot Nassim, president of Mason Asset Management, says among the options being considered for the Phillipsburg Mall are redevelopment, sale or joint venture.

He spoke to reporters this week after Bon-Ton announced that its location at the Route 22 mall will be among those closing in the next few months.

In November, Sears Holdings Corp. said the Phillipsburg Mall location would close at the 577,000-square-foot mall on the line straddling Pohatcong and Lopatcong townships.

Kohl’s remains at the mall, and Black Rose Antiques and Collectibles has replaced J.C. Penney, which closed in 2014.

Mason Asset Management, of Great Neck, New York, bought the property in 2013 for $11.5 million.

Author photo
The AP is one of the largest and most trusted sources of independent newsgathering. AP is neither privately owned nor government-funded; instead, as a not-for-profit news cooperative owned by its American newspaper and broadcast members, it can maintain its single-minded focus on newsgathering and its commitment to the highest standards of objective, accurate journalism.