The following case studies offer an insight into Lerner-Heidenberg Properties' value creation approach and its ability to bring complicated development projects to fruition.
Value Creation through "De-malling" -- Lebanon Plaza, Lebanon, PA
Lerner Heidenberg Properties acquired the 386,000 square foot Lebanon Plaza Mall in June 2003. The enclosed mall was anchored by Sears and the Bon-Ton Department store.
The exterior photo and the leasing plan show the mall as being attactive but in a state of economic decline with tenants leaving as their leases expired.
Within nine months of our acquiring the property the project was approved by the municipality, new leases were signed, the property was de-malled, rebuilt and all the new tenants opened.