The Willow Grove Park Mall is under contract to be sold to three New York firms, The Philadelphia Business Journal reported today.

In March, 724,728 sf of the mall was listed for sale for an undisclosed amount. The listed segment includes Macy’s, Nordstrom Rack, Cheesecake Factory, Sephora, Apple and Bath & Body Works.

The sale’s partnership includes Namdar Realty Group, Mason Asset Management and CH Capital Group. The lender-assisted deal is expected to be completed soon and “offered potential buyers the opportunity to secure ownership through a deed in lieu of foreclosure,” according to a PREIT representative.

The price of the sale has not been disclosed and the purchasing firms have not announced their plans for the property, The Journal said. Bloomingdale’s and Primark are owned by separate entities and are not included in the sale.

Brokerage firm JLL listed the 62-acre contracted portion of the mall with an annual net operating income of $8.8 million. The PREIT-owned section of the mall was listed as 95% occupied with 12 vacant storefronts. Occupancy was at 88%.

The mall welcomed eight new stores in May, and another three in February, including Reclectic, a Philadelphia-based discount outlet store.

More to come.

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