Interior of Pennsylvania Mills MallPhoto byGoogle Images

Author’s Note

This article is based on an accredited media reports. Linked information within this article is attributed to the following outlets: Google Images and The-Sun.com.

Introduction

The owner of the Philadelphia Mills Mall owes nearly $290 million on its note, leading to expected closure according to a June 11th report from The-Sun.com entitled "End Near: ‘Shadow of its Former Self’ Cries Shoppers as Beloved Mall with Walmart and Marshalls Expected to Close After 35 Years."

The former Franklin Mills Mall became Philadelphia Mills upon its purchase by Simon Property Group in 2007. The location houses a Walmart, Marshalls, Dave & Busters, H&M, a Burlington anchor and an AMC Theater.

Let us explore.

Philadelphia Mills Mall, 2024

Per to the aforementioned June 11th report from The-Sun.com, the 35-year-old mall "is expected to close soon" though there has been no formal word from the owner to that effect.

As excerpted from the report: Simon Property Group is now discussing the possibility of passing ownership to the commercial-backed mortgage securities (CMBS) which holds the $290 million loan it has on the mall... Loan servicer notes also reportedly show that Simon Property Group is working on a title transfer for Philadelphia Mills.

Reportedly, Simon Property Group still owes $285.5 on the property and much of the mall has been consistently nearly empty for years.

Conclusion

This is a developing story. In the event of pertinent updates to this matter, I will share them here on NewsBreak.

Thank you for reading.