Neshaminy Mall has sold for $27.5 million

Neshaminy Mall has been sold for $27.5 million by Brookfield Properties to a partnership that plans to demolish part of the mall in Bensalem for mixed-use redevelopment.

The popular Boscov’s store, AMC movie theater and Barnes & Noble bookstore will remain open, as will the Uno Chicago Grill and On the Border Mexican restaurants in the mall lot, said Maurice Zekaria, CEO of Paramount Realty.

Paramount and Edgewood Properties, both New Jersey firms, jointly purchased the 1,050,000-square foot mall on 108 acres July 15.

“It’s location, location, location,” said Zecharia, who said the mall being situated at the intersection of the Pennsylvania Turnpike and the newly redesigned Route 1 Expressway, which has a new interchange at Rockhill Road where the mall is located, makes it an ideal place for mixed-use development of residential, medical and commercial uses.

And the mall has the infrastructure that the developers want, including new traffic lights and access points on three sides, as well as other utilities.

Zecharia said that the remainder of the mall besides Boscov’s and the theater is about 20% occupied and would be demolished.

The former Macy’s store, which opened in 1968 as a Strawbridge & Clothier store, is owned separately and is expected to be renovated into a Fusion gym, according to the Philadelphia Business Journal which reported on the mall sale last week.

In confirming the story, Zekaria said it was “too early” to tell when demolition would take place or how the mall will be redeveloped, as plans still need to be presented to Bensalem. But Paramount already is talking with retailers who may be interested in locating at the mall once redevelopment begins.

This is the second mall in 11 months that Paramount and Edgewood Properties have jointly purchased. They bought the Brunswick Square Mall in East Brunswick, N.J., in August 2023.

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