Mall Plans to Reinvent Itself

BENSALEM, Pa. -- Lower Bucks shoppers for years have found sales at Neshaminy Mall here in Bensalem Township, but now find the “exceptional” regional center that’s in a “go-to destination” with a million-square-feet of space to be itself a sale – for sale, that is, for about $25 million.

Following unsuccessful attempts to lure customers after Macy’s left in 2017 – projects included circus

performers and a parking-lot ice skating rink -- Global real

estate firm JLL put the property “with excellent transportation infrastructure” off Route 1 at 707

Neshaminy Mall on the sales market. It said it is ready to reinvent itself.

“It’s a unique opportunity to reimagine the site’s programming mix,” it said. “An investor’s ability to implement a successful redevelopment/repositioning strategy will be greatly enhanced by a significantly lower basis. “

The site is owned by Brookfield Properties and could sell for $25 million, according to the Philadelphia Business Journal. The Macy’s property is not part of the sale and is owned by another firm. There are plans for part of the Macy’s space to be redeveloped as a Fusion Gym sports complex.

A one-level mall with more than 40 retail spaces and an AMC Theater – only anchor stores have two levels – Neshaminy is now 50 percent occupied with what JLL called “some high performing businesses.” Boscov’s draws 1 million visits annually, making it the fourth largest in the Boscov’s chain. Uno Chicago Grill and On The Border Mexican Grill have annual visit counts of more than 240,000 and 290,000 respectively, ranking both fifth in their chains. The two are “ground leased out parcels,” said JLL.

The real estate firm said the Route 1 Corridor in Bensalem “is the go-to destination for national retailers.”

Said JLL: “Neshaminy Mall enjoys unparalleled positioning within the Lower Bucks County submarket.”

(What should the mall do with itself? Any ideas? Send a comment and share with others.)

Store in a shopping mall.Photo byMichael WeidemannonUnsplash