New owners have plans to help Neshaminy Mall survive – report

💲Neshaminy Mall has only 40 stores including one anchor and a movie theater

💲New owners reportedly plans to tear down roughly half the mall

BENSALEM TOWNSHIP, Pa — The new owners of the Neshaminy Mall have big plans to shrink it down in order to help it survive.

The one million square foot mall which open in 1968 has seen its vacancy rate decrease dramatically as many stores including anchors Macy's and Sears along with Modell's Sporting Goods, Footlocker restaurants in the food court closed their doors. The mall has just over 40 stores still open including Boscov's, an AMC theater and Barnes & Noble.

Edgewood Properties has entered into a joint venture with Paramount Realty to purchase the property from Brookfield Properties and will tear approximately half of it down, Paramount Realty Principal Maurice Zekaria told the Philadelphia Business Journal.

Macy's has a different owner and is not part of the sale, according to the report.

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Location, location, location

The new venture plans to present a plan to the township that could include residential, medical and other uses of the 108 acre property along Route 1 near the Pennsylvania Turnpike. The mall already has the infrastructure in place in a highly visible spot, Zekaria told the Journal.

Paramount also owns the Marketplace at Neshaminy across the street from the mall which includes a Target and Home Depot.

The company based in Lakewood, New Jersey also purchased the Brunswick Square Mall in 2023 in East Brunswick.

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