Portion Of Willow Grove Park Mall Up For Sale

ABINGTON TOWNSHIP, PA — A large section of the Willow Grove Park Mall is on the sale block.

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 includes 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. (“JLL”) said.

Willow Grove Park’s lender, Prudential Financial subsidiary PGIM Inc., is selling the debt on the mall after its $170 million loan to PREIT matures. A buyer can secure ownership through a deed in lieu of foreclosure.

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 listing agent stated that the Willow Grove Park Mall is an "incredibly productive, exceptionally located" three-level super regional shopping center located in the densely populated and affluent Montgomery County.

The mall features an anchor lineup that also includes Primark and Bloomingdale's, and a diverse mix of tenants, including Apple, BoxLunch, Miniso, Pandora, and Sephora, among others.

Dining options include The Cheesecake Factory and Yard House.

JLL said the property is 95 percent occupied.

The mall is on 83.5 acres and located at the intersection of Easton Road and W Moreland Road in the northern suburbs of Philadelphia, benefiting from excellent accessibility to the Pennsylvania Turnpike and Route 611, JLL said.