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AMERICAN VALUATION GROUP, INC. RETAINED FOR ELEVEN SHOPPING MALLS
Lansdale, PA (October 9, 2008) - American Valuation Group, Inc. recently completed consulting
assignments on eleven super-regional shopping malls located throughout Pennsylvania and South
Jersey (Philadelphia metro area) on behalf of Fidelity Management and Research Co., Boston, MA,
the U.S. investment management division of Fidelity Investments. The properties included: Cherry
Hill Mall (1,261,000 SF), Willow Grove Park (1,202,529 SF), Exton Square (1,087,728 SF), The
Gallery at Market East (1,080,784 SF), Lehigh Valley Mall (1,036,000 SF), Wyoming Valley Mall
(913,788 SF), Lycoming Mall (822,367 SF), Plymouth Meeting Mall (814,000 SF), Logan Valley
Mall (778,880 SF), Voorhees Town Center (634,332 SF) and Chambersburg Mall (454,000 SF).
Cherry Hill Mall is presently undergoing a $200 million interior renovation to become “South
Jersey’s Fashion Destination,” by adding a 138,000 SF Nordstrom store and 88,000 SF of new inline
space, six new sit-down restaurants, and a new food court. Plymouth Meeting Mall is presently
adding a 200,000 SF lifestyle addition that will include a 65,000 SF Whole Foods Market. All of
the properties are owned by Pennsylvania Real Estate Investment Trust (PREIT), one of the major
shopping mall REITs in the nation. PREIT also handles leasing and management of the properties.
American Valuation Group, Inc. was retained for property inspection, market analysis,
physical condition assessment and property evaluation for portfolio investment-related purposes.
“Market position, vacancy and appropriate investment returns were the major issues addressed in this
assignment,” said Mark T. Kenney, MAI, SRPA, MBA, President of American Valuation Group,
Inc. He added, “Investment advisors are very concerned about appropriate shopping mall asset
values given the credit crisis and stock market plunge. Holiday retail sales expectations for many
mall retailers are down.” Mr. Kenney is the author of “Quantifying Business Enterprise Value in
Shopping Malls: Current Issues and Future Trends,” and other shopping mall articles that appeared
in The Appraisal Journal, a leading industry journal published by the Appraisal Institute.
American Valuation Group, Inc. is a leader in the appraisal of shopping malls and shopping
centers, and specializes in property tax appraisal, consulting and litigation support. For
information about appraisal and consulting services, contact Mark Kenney at (215) 855-1800 or visit our web site at www.ameri-val.com.
207 Abbey Lane
Lansdale, PA 19446Ph: 215.855.1800
Fax: 215.855.1782 Email: mkenney@ameri-val.com