U.S. real estate investment firm Clarion Partners, part of Legg Mason, has acquired Burlington Center Mall in New Jersey from rival Moonbeam Capital for over $22 million.
The transaction is expected to result in the demolition of a 1.5 million square foot facility.
Moonbeam said that planned mixed-use development features industrial use, warehouses primarily for e-commerce, and a much smaller footprint of retail.
In 2012, Moonbeam Capital purchased the property for $3.4 million.