The Neshaminy Mall, a shopping destination since the 1960s, is up for sale.
The 1 million-square-foot property is 50 percent occupied and presents what the seller describes as a “unique opportunity to re-imagine the site’s programming mix,” the Philadelphia Business Journal reported.
The seller, JLL, gave the following overview:
Neshaminy Mall (the “Property” or “Mall”) is a one level (anchors have 2-3 floors), super-regional mall located at 707 Neshaminy Mall, Bensalem, PA 19020. The Mall is situated on approximately 108.6 acres, 91.4 of which are owned. The total GLA at the Property is 1,049,922 SF, which includes Boscov’s (215,586 SF, owned), AMC (90,997 SF, owned), a former Sears (200,445 SF, owned), and a vacant anchor box (218,150 SF, non-owned). The Property also features two ground leased outparcels, On The Border Mexican Grill (6,500 SF, owned) and Uno Chicago Grill (7,000 SF, owned). The former Sears parcel also includes a vacant auto center outparcel.
The Journal said that the site could go for nearly $25 million.
The Macy’s property is not part of the sale and it’s owned by another firm. According to Philly Burbs, Tony Chowdhary, founder of Fusion Gyms, is purchasing it for his next Fusion Gym. It will have pickleball courts, pools, golf simulators and other eye-popping amenities for people who like “affordable luxury.”
“It’ll be great,” Chowdhary said. “Once we’re in there, we’re going to create a lot of synergy. Shops, boutiques, all kinds of mixed uses.”
Down the road, the Willow Grove Park Mall may similarly try to reinvent itself. PREIT, which owns the mall, had a loss of almost $64 million in the third quarter of 2023, adding to its negative $1.1 billion balance.
The company filed for Chapter 11 bankruptcy protection in November 2020, and in December 2022, the company was delisted from the New York Stock Exchange. In February 2023, the company announced that it plans to convert many of its properties to make way for the development of 7,000 apartments.
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Photo: Neshaminymall.com