Montgomery Mall has been sold. Here's what you need to know about the new owner

James McGinnis, Bucks County Courier Times
·2 min read

The struggling Montgomery Mall is now owned by a New York investment group.

Kohan Retail Investment purchased the Montgomery Mall in a foreclosure sale approved by the Montgomery County Court of Common Pleas.

Once valued at $195 million, the retail center was purchased for $55 million, court records show.

The new owner has history of acquiring and working to reinvigorate malls.

Kohan has also made headlines after some properties failed to pay taxes. In February 2020, the Star Beacon of Ohio reported that Kohan "owes millions in taxes." One mall reportedly had its electricity shut off after the utility said Kohan failed to pay the bill.

On its website, Kohan lists 50 retail locations in its portfolio. That includes five Pennsylvania locations:

  • Clearview Mall, Bulter

  • Colonial Park Mall, Harrisburg

  • Lycoming Mall, Pennsdale

  • Washington Crown Center, Washington

  • Wyoming Valley Mall, Wilkes-Barre

In January 2019, ABC news affiliate 16WNEP reported that the Lycoming Mall was threatened with a sheriff sale because of thousands of dollars in unpaid water and sewer bills.

Struggling outlets: Losses continue to mount for Willow Grove mall owner. Will entertainment complex at mall help?

Supply shortages: Ho! ho! Oh, no! Holiday shoppers can expect high prices, empty shelves amid labor shortage

Montgomery Mall in foreclosure: After foreclosure, what does Montgomery Mall's future look like?

This news organization was not immediately able to reach representatives at Kohan for comment.

The Montgomery Mall has been trying to re-invent itself for years under ownership of Simon Properties.

The mall added a supermarket in 2012, and the presence of Wegmans was expected to draw traffic to sustain other shops.

In the months that followed, Montgomery Mall added other stores and restaurants.

Yet, Montgomery Mall was operating at just 73% of its retail space under lease, according to the latest Simon Property Group 10-K annual report.

In July, the Montgomery Mall fell into foreclosure. A judge issued a $118.78 million judgment against the mall's owner, Simon Property Group's Mall at Montgomery LP, on July 12, according to court documents.

Contact reporter James McGinnis at jmcginnis@couriertimes.com

This article originally appeared on Bucks County Courier Times: Montgomery Mall purchased by New York-based Kohan Retail