With every passing week, it seems as though the Neshaminy Mall becomes darker and drearier as more stores shut their doors.
But soon, a large portion of the Bensalem space – 211,000 square feet, to be exact – will receive a major facelift.
Recently, it was announced that the Colliers Retail team of Todd Sussman and Jon Kieserman, on behalf of client Kin Properties, sold the former Macy’s at the mall. The Colliers team has been named exclusive leasing agents for the project, which they believe will give Neshaminy a bright future.
“We are excited to be an integral part of the redevelopment of this parcel,” said Sussman, senior managing director with Colliers Retail. “The 16 acres and the former Macy’s box will certainly be the key to transforming one of the most strategically placed malls in the tri-state area.”
Macy’s opened at Neshaminy Mall in 1968 (it was then Strawbridge’s) and was one of 100 locations across the country to close beginning in 2017, when the retailer adjusted its business to take on growing online competition.
The vision for the space includes a mix of large floor plate opportunities, new exterior-facing small retail and/or restaurant tenants, and several new outparcels offering the potential to court statement restaurant operators to the mall complex.
Flexible zoning allows for multiple uses that would encourage fitness, entertainment, offices and more. Colliers will market the building and pad sites for either purchase, ground lease or build to suit.
This is a unique arrangement, due to the fact that the former anchor and mall ownership have been separate. Brookfield, one of the world’s largest investors in real estate, purchased the entirety of the mall, independent of Macy’s, in 2018.
Brookfield is rumored to have Neshaminy Mall in its queue for imminent redevelopment and substantial improvements.
According to Colliers, Neshaminy Mall has long been considered a standout location of the region. This is because of the strong population demographics of Bucks County, which retailers desire, as well as its accessible location near Interstate 95, SEPTA regional rail and Amtrak.
Current Neshaminy Mall retailers Boscov’s and AMC anchor a mix of shops, including Barnes & Noble, H&M and Victoria’s Secret.
Visit neshaminymall.com/en.html for more information.
Samantha Bambino can be reached at [email protected]
