It’s official — the Neshaminy Mall is now under new ownership.
Paramount Realty and Edgewood Properties jointly closed on the 1.1-million-square-foot Bensalem space (excluding the former Macy’s), which was put up for sale earlier in the year by Brookfield Properties.
The portfolio of Paramount Realty, headquartered in Lancaster and Lakewood, New Jersey, already included several local properties, including Home Depot Plaza on Route 13 and the Marketplace at Neshaminy, located right across from the mall.
The mall was anticipated to fetch nearly $25 million, and ended up selling for $27.5 million.
According to reports, the major draws of the mall, including Boscov’s, Barnes & Noble and the AMC movie theater, will remain, as the rest of the property is rehauled into a “mixed use” space.
This may involve the creation of new retail stores, housing, medical offices and other redevelopment projects. Still, at this point in the process, nothing is set in stone, as the new owners have yet to present renderings or plans to the township.
As for the former Macy’s, which shuttered its doors in 2017 and has remained vacant since, plans are still underway for it to become a Fusion gym, boasting everything from your typical gym equipment to a golf course, pickleball courts and a swimming pool.
Transforming dwindling mall spaces into mixed-use properties has been on the rise across the country, including in Bucks County. For example, the construction of 600 luxury apartments at the Oxford Valley Mall in Middletown Township recently wrapped up, with the units now available to lease.
