Willow Grove Park Mall Getting Sold: Report

ABINGTON TOWNSHIP, PA — The Willow Grove Park Mall is changing ownership, according to a report.

The popular eastern Montgomery County mall is expected to be sold to a partnership of three New York firms, the Philadelphia Business Journal has reported.

Subscribe

In March, a large section of the mall located at the intersection of Easton Road and W Moreland Road

JLL Investors has recently listed that a 724,728-square-foot portion (or 62 acres) of the 1.137 million square foot mall off Welsh Road could be purchased.

That 62-acre segment included Macy's, Nordstrom Rack, Cheesecake Factory, Sephora, Apple, and Bath & Body Works and has an annual net operating income of $8.8 million, Jones Lang LaSalle Americas, Inc. said.

The Philadelphia Business Journal reported that a $170 million loan on the property by its owner PREIT matured, triggering the lender-directed sale.

The Namdar Realty Group, Mason Asset Management and CH Capital Group are under contract to buy the mall, the Journal reported.

The Willow Grove Park Mall is considered the seventh biggest mall in the Philadelphia region.

PREIT initially purchased the mall in 2001 and acquired full ownership of the property two years later as part of a larger merger with Crown American Realty Trust.

The section of the mall that includes Bloomingdale's and Primark is now owned separately.

The mall features an anchor lineup that also includes Primark and Bloomingdale's, and tenants such as Apple, BoxLunch, Miniso, Pandora, and Sephora, The Cheesecake Factory and Yard House.