Garden State Pavilions sold in auction

Garden State Pavilions has been sold to Bank of America, serving as a trustee for a mortgage loan pool. It is located on Route 70 and is home to ShopRite, Old Country Buffet and other retailers. The center has been in decline for several years because of the poor economy and competiton from nearby Garden State Park shopping developments.

The shopping center was built in 1999. In 2004, it was bought by a group of investors listed in court records as Cherry Hill properties 1,2 and 3. Since then, the pavilions has lost much of it’s main retailers including Old Navy and Home Depot, which were both relocated.

The auction took place on August 17th and the bank was the only bidder for the vacant shopping center. According to Bank of America lawyer, Richard O’Halloran, the price was slightly less than the $38 million the owners owned on the property.