The Neshaminy Mall will be purchased the real estate company that owns a popular Middletown Township shopping plaza.
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According to a Facebook post by the Bensalem Economic Development Corp. last week, Paramount Realty will purchase the Neshaminy Mall in Bensalem Township.
“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,” the Bensalem Economic Development Corp. posted.
Paramount Realty owns the Marketplace at Neshaminy across from the mall, the Home Depot Plaza on Route 13, and several other buildings in the township. The company owns the popular Lincoln Plaza shopping center on Lincoln Highway in Middletown Township and next to the Oxford Valley Mall.
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A requests for comment from Paramount Realty regarding their plans for the Neshaminy Mall site was not immediately returned.
The Philadelphia Business Journal reported earlier this year that the Neshaminy Mall, which is currently owned by Brookfield Properties, could sell for close to $25 million.
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The property spans over 1 million square feet and includes more than 90 acres near Route 1 and the Pennsylvania Turnpike.
The listing highlighted the potential for large-scale redevelopment, noting the possible transformations into multifamily housing and a modernized retail mix.
Despite half of its retail spots unoccupied, the mall continued to draw shoppers, particularly to Boscov’s, which remains the fourth most visited location in its chain, according to JLL data.
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The future of the mall has been a topic of speculation for years, especially after previous plans for a mixed-use redevelopment of the former 200,000-square-foot Sears site did not materialize.
Last December, the owner of Fusion Gyms announced the opening of his fourth location at the defunct Macy’s, which is independently owned from the rest of the mall.
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The nearby Oxford Valley Mall has experienced its share of difficulties in recent years, with major stores closing. Construction is underway for more than 600 apartments and potential larger redevelopment projects in the works.
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