Tuesday, March 10, 2020

SANT Properties Buys Former Macy’s at Neshaminy Mall

by John Jordan Globest.com
Kin Properties of Boca Raton, FL has sold the former Macy’s department store at the Neshaminy Mall here to SANT Properties of Huntington Valley, PA.

The deal for the 211,000-square-foot dark anchor at the Neshaminy Mall was reported by Colliers Retail team of Todd Sussman and Jon Kieserman, which has been appointed exclusive leasing agent for the property by the new ownership.
No financial terms of the transaction were disclosed.

Macy’s opened at Neshaminy Mall in 1968 (then Strawbridge’s) and closed amidst 100 store closings nationwide for the retailer that began in 2017 as it readjusted its business to growing online competition.

The new owner has reconceived the vacant box as a mix of large floor plate opportunities, new exterior facing small retail and/or restaurant tenants along with several new outparcels offering the potential to court statement restaurant operators to the mall complex.

In addition, flexible zoning allows for multiple uses that would encourage, fitness, entertainment, office and more.

“We are excited to be an integral part of the redevelopment of this parcel. 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."
Brookfield purchased the entirety of the Neshaminy Mall, independent of Macy’s, in 2018. There are some reports that Brookfield is planning to undertake redevelopment and implement substantial improvements for the property.

Current Neshaminy Mall retailers Boscov’s and AMC anchor a mix of specialty shops that include Barnes & Noble, Hollister Co., H&M, Aéropostale, The Children’s Place, Express and Victoria’s Secret.

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