Neshaminy Mall being sold 'as is.' What the buyer will get with this Bensalem property
The Neshaminy Mall, once a powerhouse of Lower Bucks County retail, is for sale “as is,” according to a real estate listing.
The fixer-upper, owned by Brookfield Properties sits nearly empty with plenty of open storefronts despite being a 1-million square-foot retail behemoth in Bensalem. It is on the market through JLL, a commercial real estate agent. So far, no buyer. However, the 91-acre prime real estate could bring as much as $25 million, the Philadelphia Business Journal reported.
In its listing, JLL describes the mall as an “ideal retail setting” at the Pennsylvania Turnpike and Route 1 near the Bucks County - Philadelphia border. It continues: “This offering presents prospective purchasers with the opportunity to acquire a strategically positioned super regional shopping center with significant upside potential.”
Brookfield did not immediately return a message Monday to define or detail the potential at the mall that, like many others in the region and the country, have fallen out of fashion with consumers.
Opened in the late 1960s, Neshaminy was a pre-internet sensation and destination for shoppers. In the early days, even big retailers (like Pomeroy’s department stores) found themselves on a waiting list. Up until a decade ago, Neshaminy still held its own with national anchors like Macy’s and Sears
But Macy’s left in 2017, followed by Sears in 2018.
There are three bright spots.
First, Boscov’s, the beloved Reading, Pa.-based chain department store remains. Boscov’s receives about 1 million shopper visits per year, making it the fourth most visited store in the chain, according to JLL. Second, an AMC multi-screen movie theater also anchors the mall.
A source familiar with the mall and its sale said both intend to stay.
Third, Tony Chowdhury, owner of Fusion gyms, who plans to convert the former Macy’s into another one of his state-of-the-art fitness and recreational centers. The Macy’s property is owned separately from the rest of the mall.
The mall awaits a makeover, and he's on board. Selling the mall will not affect his plans.
“Consumer tastes have changed and what happened to the mall was that they didn’t change,” said Chowdhury, whose enthusiasm for the future of retail is infectious.
“Look at the traditional (strip) shopping centers. The parking lots are almost always packed with cars. Why? Because people want to pull up as close to the store where they want to shop. It’s more convenient.”
He said malls are waiting to be reimagined, since their prime locations can’t be beat in the local market.
That’s JLL’s pitch to buyers in its listing.
The Neshaminy Mall has “has an irreplaceable location within a densely populated, inner ring suburb within Philadelphia … with proximity to significant economic demand drivers ... The Route 1 Corridor in Bensalem is the go-to destination for national retailers.”
Its 91 acres come with the deal “presenting meaningful opportunities for a large-scale redevelopment of the site," says the listing. "The property’s prominent location and excellent positioning within Lower Bucks County presents a unique opportunity to re-imagine the site’s programming mix by incorporating multi-family and re-imagining the retail merchandising mix with an open-air retail development with contemporary retail sues, i.e., grocery, F&B (food and beverage), service oriented, fitness, etc.”
JD Mullane can be reached at 215-949-5745 or at jmullane@couriertimes.com.
This article originally appeared on Bucks County Courier Times: Struggling Neshaminy Mall for sale in Bensalem
