-- Dark Box Brightens with Proposed Redevelopment Plan --
L to R: 100 Neshaminy, Conceptual Marketing Rendering (Photo Credit: Colliers)
On behalf of client Kin Properties, the Colliers Retail team of Todd Sussman and Jon Kieserman, have recently sold the former Macy’s at the Neshaminy Mall, a 211,000 sf dark anchor with a bright plan for the future. The Colliers team has subsequently been named exclusive leasing agents for the project.
Macy’s opened at Neshaminy Mall in 1968 (then Strawbridge’s) and closed amidst 100 shutterings 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. Flexible zoning allows for multiple uses that would encourage, fitness, entertainment, office and more with Colliers marketing the building and pad sites either for purchase, ground lease or build to suit.
“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”
stated Todd Sussman, Senior Managing Director with Colliers Retail.
Neshaminy Mall has long been considered a standout location of the region not only for the strong population demographics of Bucks County that retailers desire but as an extremely accessible regional destination. Located just minutes from downtown Philadelphia at one of the busiest intersections on the PA Turnpike (I-276), this retail property is easily accessible from Interstate 95 and highly trafficked PA Route 1. This year saw a new Turnpike interchange completed that directly enhances the site’s regional connectivity to New Jersey. Notably, Neshaminy is served by both SEPTA regional rail and Amtrak.
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. The Neshaminy Mall Boscov’s is the number one store of their 50-store chain. Similarly, AMC Neshaminy 24 is one of the largest cinemas in the area, ranking as one of the top 30 theaters in North America for the chain.
L to R: Neshaminy Mall Aerial (Photo Credit: Colliers), Entrance at Neshaminy Mall (Photo credit: Brookfield.com)
In a unique arrangement the anchor and mall ownership have been separate. Brookfield, one of the world’s largest investors in real estate, purchased the entirety of the mall, independent of Macy’s, in 2018. They are also rumored to have Neshaminy Mall in its queue for imminent redevelopment and substantial improvements.
For more information visit: 100 Neshaminy Listing on Colliers.com
About Colliers International
Colliers International (NASDAQ, TSX: CIGI) is a leading real estate professional services and investment management company. With operations in 68 countries, our more than 15,000 enterprising professionals work collaboratively to provide expert advice to maximize the value of property for real estate occupiers, owners and investors. For more than 25 years, our experienced leadership, owning approximately 40% of our equity, has delivered compound annual investment returns of almost 20% for shareholders. In 2019, corporate revenues were more than $3.0 billion ($3.5 billion including affiliates), with $33 billion of assets under management in our investment management segment. Learn more about how we accelerate success at corporate.colliers.com, Twitter @Colliers or LinkedIn.
