Neshaminy Mall New Owners 'Dedicated' To Development: BEDC

BENSALEM TOWNSHIP, PA —The new owners of the Neshaminy Mall are "dedicated" to developing the site, the Bensalem Economic Development Corp. said.

The BEDC said it recently met with the mall's new owners, Paramount Realty, which currently owns several other malls, including the neighboring Woodhaven Mall.

"We are thrilled to report that the Neshaminy Mall has sold," the BEDC said. "The BEDC has met with the new owners who have strong ties to Bucks County, own several other properties in the area, and are dedicated to working with community members as plans develop for the space."

The BDEC said the Neshaminy Mall has a long history in the community.

"We look forward to future upgrades in, what is planned to be, a mixed-use space," the BDEC said.

The BDEC said the initial community reaction has been positive as "there is hope our new business neighbors will breathe a much-needed revitalization into the community."

Paramount Realty finalized its deal with Edgewater Properties and closed on the purchase of the 1 million-square-foot mall in mid-July.

The Neshaminy Mall sits on a ~108.5 acre-site located on Route 1 (right off Exit 351 of the PA Turnpike).

The entire property, excluding the former Macy’s, was included in the sale and positions this Property as an excellent redevelopment opportunity featuring a high-performing Boscov’s, Barnes & Noble, and a 24-screen AMC Theatre in addition to On The Border and UNO Chicago Grill, which are located outside the mall.

The Neshaminy Mall acquisition comes 11 months after the Paramount / Edgewood acquisition of Brunswick Square Mall – a 754,299 square foot regional mall located on Route 18 in East Brunswick, N.J.

The company owns the Marketplace at Neshaminy and the Home Depot Plaza in Bensalem Township, Lincoln Plaza in Langhorne, the Levittown Retail Center, and the Woodhaven Mall across from Bristol Pike.

It also owns Noble Town Center in Jenkintown, Greenleaf at Cheltenham, and Dreshertown Plaza in Upper Dublin in Montgomery County.

The mall lost a chuck of customers when anchor stores closed with Macy's in 2017 and Sears in 2018.

Neshaminy Mall was also the site for circuses, ice rinks, and carnivals.