A 724,728 sf segment of the Willow Grove Park Mall is up for sale, according to the listing on JLL.com.

The 62-acre segment includes Macy’s, Nordstrom Rack, Cheesecake Factory, Sephora, Apple and Bath & Body Works and has annual net operating income of $8.8 million. The property is owned by PREIT and is located in Abington Township.

Willow Grove Park’s lender, Prudential Financial subsidiary PGIM Inc., is selling the debt on the mall after its $170 million loan to PREIT matures. A buyer can secure ownership through a deed in lieu of foreclosure.

“A deal would likely come at a significant discount from the original loan amount given the declining value of malls. Industry sources said the debt on Willow Grove Park could be sold for around $70 million,” The Philadelphia Business Journal wrote.

The PREIT section of Willow Grove Park is 95% occupied and mall-wide occupancy is 88%, The Journal said.

Across the street, construction on the $105 million final phase of the Willow Grove Shopping Center redevelopment is set to begin this summer, as reported by Glenside Local last month. Plans include a 261-unit residential development, 35,000 sf of retail space, and a 438-stall parking garage.

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Photos: JLL.com