HomeBensalem TimesParamount Realty set to buy Neshaminy Mall

Paramount Realty set to buy Neshaminy Mall

The company already owns the nearby Home Depot Plaza and Marketplace at Neshaminy

Source: JLL

Only a few months after the Neshaminy Mall was put up for sale by Brookfield Properties, it’s about to have a new owner, one that is familiar with Bensalem Township.

Recently, the Bensalem Economic Development Corp. posted on Facebook, “Hot off the presses! Neshaminy Mall has a buyer! Settlement will occur sometime in the next 30 days with Paramount Realty. We look forward to working with their team and hearing about the new opportunities this sale will bring to our community.” 

The portfolio of Paramount Realty, headquartered in Lancaster and Lakewood, New Jersey, already includes several local properties, including Home Depot Plaza on Route 13 and the Marketplace at Neshaminy, located right across from the mall.

Given that it’s so early in the process, many details — such as the total cost of the property and Paramount’s plans for it — are currently unknown, though it was reported by the Philadelphia Business Journal that the mall could fetch nearly $25 million.

Until definitive plans are announced, some residents are breathing a small sigh of relief over Paramount Realty’s impending purchase.

One comment listed the various plazas the company already owns in Bensalem and nearby towns, saying, “So they are very well invested in the township.” Others pleaded for at least one thing to remain as-is: Boscov’s, which has served as the sole anchor store after the closing of Macy’s in 2017 and Sears in 2018. A comment read, “Just don’t get rid of Boscov’s for the love of all that is good in this world.” 

In its original listing of the property, Brookfield suggested a “large scale redevelopment of the site,” including the incorporation of open air retail development, grocery stores and fitness centers.

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