The once bustling Neshaminy Mall that spans 1 million square feet in Bensalem Township is on the market.
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The Philadelphia Business Journal first reported the news on Thursday, revealing that the site owned by Brookfield Properties could fetch close to $25 million.
The listing includes the mall itself and the land it occupies, which totals more than 90 acres just off Route 1 and the Pennsylvania Turnpike.
The large retail space known for drawing shoppers from across the region since its opening in the late 1960s now faces significant vacancies with half of its retail spots unoccupied, as reported by The Philadelphia Inquirer.
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Global real estate firm JLL’s listing agents, Jim Galbally and David Monahan, noted the property’s potential for “large scale redevelopment.” The listing suggests a transformation of the site’s use, including multifamily housing and an updated retail mix focusing on open-air development and contemporary retail services such as grocery, food and beverage, fitness, and more.
Despite its challenges, the Neshaminy Mall still boasts high-traffic tenants.
Credit: County of Bucks
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Boscov’s remains a major draw as the fourth most visited location in the chain, according to industry data put out by JLL.
Other popular sites at the mall property include Uno Chicago Grill and On The Border Mexican Grill, which are among the busiest in the respective chains.
The property’s location in populous Lower Bucks County and proximity to Philadelphia, and its other suburbs will likely be key for any buyer.
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Recent years have seen a steep decline in the property’s assessed value as there was a 42 percent drop from $6.3 million in 2020 to $3.6 million in 2023, the Bucks County Courier Times reported last year.
The mall lost major anchors Sears in 2018 and Macy’s in 2017.
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The Macy’s property is not part of the sale and it’s owned by another firm. There are plans in place to repurpose part of the Macy’s space for a Fusion Gym sports complex.
Brookfield Properties has proposed a mixed-use redevelopment for the former Sears 200,000-square-foot site in recent years. However, those plans have not come to fruition.
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Currently, the Neshaminy Mall houses over 40 retail spaces, including Boscov’s and an AMC Theater, according to leasing information.
The decline of traditional malls has been significant nationwide.
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The number of malls in the U.S. has gone from around 2,500 in the 1980s to approximately 700 today, said Nick Egelania, president of real estate company SiteWorks, according to Forbes.
When the Neshaminy Mall and Oxford Valley Mall in Middletown Township opened decades ago, they were popular and busy with shoppers from around the region.
Similar to the Neshaminy Mall, the nearby Oxford Valley Mall has experienced its share of difficulties, with major stores closing and plans underway for adding more than 600 apartments and potential larger redevelopment projects in the works.
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