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AMERICAN VALUATION GROUP, INC. RETAINED FOR THE CROSSINGS
Lansdale, PA (April 8, 2009) - American Valuation Group, Inc. was retained to provide appraisal
services and expert witness testimony on The Crossings Premium Outlets, an eight-building
premium factory outlet center located in Tannersville, Pennsylvania. The 390,000 square foot one- and
part two-level, open air, factory outlet center, which opened its original section in 1991, was
expanded in 1998 and acquired by Chelsea Property Group in 2003, is the largest and most
successful outlet center in the state, and is located in the Pocono Mountains region of the state with
convenient access to I-80. The Crossings is anchored by Ann Taylor, Brooks Brothers, Calvin Klein,
Jones New York, Liz Claiborne New York and Polo Ralph Lauren.
The Crossings has an impressive collection of stores and family-friendly features and is the
dominant factory outlet center in its trade area due to size, location and tenant mix. In addition to
the anchor stores, the center has 120 stores and restaurants including Anne Klein, Banana Republic,
Bass, Chico’s, Coach, Coldwater Creek, Eddie Bauer, GAP Outlet, Kenneth Cole, Nautica, Nike,
Perry Ellis, Reebok, Rockport, Tommy Hilfiger, Van Heusen, Woolrich, and many others. There
are many restaurants in the food court. Each year, tourism brings in $1.5 bil. in revenue to the
Pocono Mountains area, creating a “second holiday season” for retailers at The Crossings. Chelsea
Property Group, a subsidiary of Simon Property Group, the largest shopping mall REIT in the nation,
owns the center and handles leasing and management.
American Valuation Group, Inc. has been retained for appraisal services and expert testimony
for assessment purposes in a tax appeal litigation proceeding. “The possible existence of business
value and an appropriate cap rate for this property will be major issues in this case,” said Mark T.
Kenney, MAI, SRPA, MBA, President of American Valuation Group, Inc. He added, “Tax assessors
are increasingly concerned about appropriate values for shopping centers given the current
recessionary environment and credit crisis.” Mr. Kenney is the author of “Business Enterprise
Value: The Debate Continues,” 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 and litigation support for assessors nationwide. For
information about our litigation support 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