Neshaminy Mall Sold To Company With Ties In Lower Bucks

BENSALEM TOWNSHIP, PA —The Neshaminy Mall —a longtime Lower Bucks County shopping mecca —has been sold to a company with ties already to Lower Bucks County and the Philadelphia region.

The Bensalem Economic Development Corp. said the half-vacant Neshaminy Mall has a buyer with a settlement expected within the next month.

The mall is being bought by Paramount Realty, which has offices in Lakewood, N.J., and Lancaster, Pa.

The company owns the Marketplace at Neshaminy and the Home Depot Plaza in Bensalem Township, Lincoln Plaza in Langhorne, the Levittown Retail Center, and the Woodhaven Mall across from Bristol Pike.

It also owns Noble Town Center in Jenkintown, Greenleaf at Cheltenham, and Dreshertown Plaza in Upper Dublin in Montgomery County

Current owner Brookfield Properties had pitched the property as a redevelopment opportunity when the mall was put up for sale earlier this year.

Paramount is a trusted preferred developer and partner of leading national and regional companies, its website states.

In addition to operating a 15 million-square-foot portfolio, Paramount Realty has established itself as one of the largest single-tenant developers along the East Coast.

It has 150 properties and 75 projects in development in 10 states.

Facebook commentors praised the sale, hoping it would bring a new life into the mall, which has seen its customer traffic fall over the years and anchor stores reduced.

Many hoped that Boscov's, the mall's remaining anchor, would stay open. Others said that Paramount Realty has a strong track record and might make investments to help the mall thrive again.

The mall —built near Route 1 and the Pennsylvania Turnpike —lost a chuck of customers when anchor stores closed with Macy's in 2017 and Sears in 2018. The mall also includes Barnes & Noble and an AMC movie theater with 24 screens.

Real estate agent JLL had touted the size of the lot and its location in an area that sees 170,000 vehicles pass through each day when the mall was put up for sale. The property covers more than 108 acres and includes secondary parcels that are owned or leased.

"We look forward to working with their team and hearing about the new opportunities this sale will bring to our community," the organization said.

Malls in Lower Bucks and the region are trying to find new ways to draw customers or reinvent their use.

The Oxford Valley Mall in Middletown Township tore down its Boscovs to make way for luxury apartments expected to open shortly.

In December, it was announced that the mall would be getting a state-of-the-art gym.

The founder and chief executive of Fusion Gyms wants to fill the space of the mall's shuttered Macy's department store. He expects to close the deal within the week.

He's hoping to construct a state-of-the-art facility of 250,000 square feet inside and 100,000 square feet outside in hopes of giving the mall "a shot in the arm."

Neshaminy Mall was also the site for circuses, ice rinks, and carnivals.

But an annual carnival was canceled by Mayor Joseph DiGirolamo this summer due to safety concerns.

Over the past few years, the "escalation of unruly juveniles and many other public safety issues" have prompted the change, officials and police said.