Neshaminy Mall Is Up For Sale

BENSALEM TOWNSHIP, PA —The Neshaminy Mall is on the market.

The mall off Route 1 was listed by Global real estate firm JLL as an "exceptional regional mall."

With the departure of Macy's in 2017, the mall has struggled to entice shoppers and efforts are underway for the mall to reinvent itself as other area malls are trying to do to bring people to its spaces.

Over the years, the mall has held circus performances and even opened an ice skating rink in its parking lot to lure customers inside its stores.

The 1 million-square-foot Bucks County mall is 50 percent occupied and presents what the seller describes as a "unique opportunity to reimagine the site’s programming mix."

Despite the struggles, JLL said the Neshaminy Mall still has some high-performing businesses.

Boscov’s drives just under a million annual visits, ranking as the 4th most visited Boscov’s in the chain, according to Placer.ai.

Uno Chicago Grill and On The Border Mexican Grill have annual visit counts of more than 240,000 and 290,000, respectively, both ranking as the fifth most visited in their respective chains, according to Placer.ai.

JLL said the Neshaminy Mall is a one-level (anchors have two levels) mall located at 707 Neshaminy Mall. It's situated on about 108.6 acres, 91.4 of which are owned.

The property is 1,049,922 square feet. It includes Boscov’s (215,586 SF, owned), AMC (90,997 SF, owned), a former Sears (200,445 SF, owned), and a vacant anchor box (218,150 SF, non-owned).

The Property also features two ground leased out parcels: On The Border Mexican Grill (6,500 SF, owned) and Uno Chicago Grill (7,000 SF, owned). The former Sears parcel —which closed in 2018 —also includes a vacant auto center out parcel.

The Neshaminy Mall includes more than 40 retail spaces, including Boscov’s and an AMC Theater, leasing information states.

The Philadelphia Business Journal first reported Thursday that the site owned by Brookfield Properties could go for nearly $25 million.

The Macy’s property is not part of the sale and it’s owned by another firm. There are plans for a chunk of the Macy’s space to be redeveloped as a Fusion Gym sports complex.

JLL listed some of the highlights of the mall property:

• The Route 1 Corridor in Bensalem is the go-to destination for national retailers.
• Neshaminy Mall enjoys unparalleled positioning within the Lower Bucks County submarket at the confluence of Route 1/ Lincoln Highway and Interstate 276/PA Turnpike with an excellent transportation infrastructure.
• The mall is an "attractive basis for redevelopment." An investor’s ability to implement a successful redevelopment/repositioning strategy will be greatly enhanced by a significantly lower basis.
• The property’s prominent location and excellent positioning within Lower Bucks County presents a unique opportunity to reimagine the site’s programming mix by incorporating multifamily and re-imagining the retail merchandising mix with an open-air retail development with contemporary retail uses, i.e. grocery, F&B, service-oriented, fitness, etc.

Click here to read more about JLL's listing on the Neshaminy Mall.