Paramount Realty, the company which owns Noble Town Center in Jenkintown, Greenleaf at Cheltenham, and Dreshertown Plaza in Upper Dublin, is reportedly purchasing the Neshaminy Mall, according to Philly Voice.

The company already owns the nearby Home Depot Plaza and Marketplace at Neshaminy. The half-vacant mall was listed for sale in February by Brookfield Properties, which acquired it in 2018.

Settlement is expected to take place in the coming week for an undisclosed price, Philly Voice said. The Philadelphia Business Journal reported in February that the property could sell for as much as $25 million. 

The article continues:

Built in 1968 near Route 1 and I-276, the Neshaminy Mall declined steeply when it lost Macy’s in 2017 and Sears in 2018. The mall is anchored by Boscov’s, Barnes & Noble and an AMC movie theater with 24 screens. Its challenges are part of a decades-long trend affecting U.S. shopping malls, which peaked at around 2,500 in the 1980s and fell to about 700 in recent years.

From the Bensalem Economic Development Corp.‘s Facebook post:

Hot off the presses! Neshaminy Mall has a buyer! Settlement will occur sometime in the next 30 days with Paramount Realty. We look forward to working with their team and hearing about the new opportunities this sale will bring to our community

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Photo: Neshaminy Mall