Cheltenham Square Mall Sells for $30 Million

Cheltenham Square Mall, once a go-to retail center in this Montgomery County community, has sold for around $30 million.

Sun Equity Partners, a New York firm that specialized on buying and redeveloping properties in metropolitan areas and urban markets, bought the property.

The company, which owns more than 10 million square feet across the county, is still formulating its plans for Cheltenham Square Mall, according to Avy Azeroual, an executive at the firm.

"They are creative and good at what they do and our expectations are that they will will do a very good job with the property," said Peter Stevens, an investment broker with CBRE Inc. who arranged the transaction.

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