Montgomery Mall (Pennsylvania) Explained

Montgomery Mall
Location:Montgomery Township, Pennsylvania, U.S.
Coordinates:40.2351°N -75.2448°W
Address:230 Montgomery Mall
North Wales, PA 19454
Developer:The Kravco Company
Owner:Kohan Retail Investment Group
Summit Properties USA
Number Of Stores:90+
Number Of Anchors:5 (4 open, 1 vacant)
Floor Area:1102755square feet[1]
Floors:2 (1 in Dick's Sporting Goods and Wegmans)
Parking:Parking lot
Publictransit: SEPTA bus:

Montgomery Mall is a two-story shopping mall located in the community of Montgomeryville in Montgomery Township, Pennsylvania near the borough of North Wales. The mall, owned by Kohan Retail Investment Group and Summit Properties USA, is located along Pennsylvania Route 309 (Bethlehem Pike) at the intersection with U.S. Route 202 Business (Dekalb Pike), amidst other commercial development. In its heyday, it contained over 90 stores and eateries; now containing around 70 stores with the remaining stores left vacant. It is anchored by Dick's Sporting Goods, JCPenney, Macy's, and Wegmans.[2]

History

The Montgomery Mall was built in 1977 by The Kravco Company.[3] [4] In 1986, Bamberger's became Macy's.[5] In 1995, the Wanamaker's store became Hecht's. Hecht's became Strawbridge's in 1997 after its parent company, May Department Stores, acquired the Strawbridge's chain.[6] Simon Property Group acquired the Montgomery Mall in 2003.[4]

Strawbridge's closed in 2006 as a result of Federated Department Stores acquiring May Department Stores, with Boscov's taking over the former store in 2007. The Boscov's store closed in October 2008 as part of their restructuring.[6] Dick's Sporting Goods was also added in 2008.[7] In November 2011, it was announced that a 126000square feet Wegmans would replace the vacant Boscov's.[8] [9] This store was planned to be the first Wegmans located in a shopping mall.[9] The former Boscov's store was demolished in the process of constructing the new Wegmans.[4] The Wegmans store opened on November 3, 2013.[10]

The Montgomery Mall has recently gone under reconstruction. This renovation had a cost of $8 million and the main purpose was to redesign exterior and entrance, restrooms and upgrade lighting.[11]

On November 7, 2019, it was announced that the Sears store at Montgomery Mall would close as part of a plan to close 96 stores nationwide. Liquidation sales began on December 2, 2019.[12] The store closed in February 2020. On May 3, 2021, during the COVID-19 pandemic, Montgomery County opened a COVID-19 vaccination site in the former Sears space.[13]

In June 2021, the Montgomery Mall was foreclosed upon by Wilmington Trust, trustee for Wells Fargo Commercial Mortgage. The mall was placed into receivership by June 22, with JLL taking over management of the mall, and a $118.78 million judgment was issued against Simon Property Group affiliate Mall at Montgomery, LP by July 12.[14] In order to satisfy the loan, the mall was sold to Kohan Retail Investment Group on November 20, 2021 for $55 million.[15] In 2022, Kohan Retail Investment Group sold the Wegmans site at the mall to ExchangeRight for $22.6 million.[16]

In recent years, the Montgomery Mall has seen a decrease in foot traffic and an increase in the vacancy rate. Kohan Retail Investment Group has released no plans regarding the future of the mall.[17]

Anchors

Current

Former

External links

Notes and References

  1. Web site: Montgomery Mall Fact Sheet. Simon Property Group. January 19, 2017.
  2. Web site: Home. July 14, 2021. Montgomery Mall.
  3. News: Demick. Barbara. Kravco And 6 Of Its Malls Sold To A Canadian Developer. The Philadelphia Inquirer. May 18, 1989. November 30, 2011.
  4. News: Panaritis. Maria. Wegmans signs lease at Montgomery Mall. The Philadelphia Inquirer. November 17, 2011. November 29, 2011.
  5. News: COMPANY NEWS; Bamberger's Shift. The New York Times. September 4, 1986. November 29, 2011.
  6. News: Di Domizio. Tony. Where have all the eagles gone?. The Reporter. Journal Register Company. November 30, 2008. November 29, 2011.
  7. Web site: Eatery, store win approval. February 13, 2007. PhillyBurbs.com. 17 August 2012.
  8. News: Van Allen. Peter. November 29, 2011. Simon Property to welcome Wegmans at Phila.-area mall . . November 16, 2011.
  9. News: DeBree. Crissa Shoemaker. Wegmans' Montgomeryville store the chain's first at a mall. The Intelligencer. November 17, 2011. November 29, 2011. dead. https://web.archive.org/web/20111119015452/http://www.phillyburbs.com/news/local/money/wegmans-montgomeryville-store-the-chain-s-first-at-a-mall/article_323d46a0-d423-5e04-8640-fc274b0420d2.html. November 19, 2011.
  10. News: Connor. Jennifer. Montgomery Mall's Wegmans store opens big. The Reporter. Journal Register Company. November 3, 2013. November 5, 2013.
  11. http://www.outletstoresmalls.com/outlet-malls/montgomery-mall Montgomery Mall North Wales, Pennsylvania
  12. News: Ciment. Shoshy. Sears is closing 96 more stores, leaving only 182 stores left in the US. Here's the full list of the ones closing.. Business Insider. November 7, 2019. November 7, 2019.
  13. News: Cooper. Kenny. Pa. coronavirus update: Montco cases on the decline, vaccine clinic locations shuffle. WHYY. Philadelphia, PA. April 28, 2021. May 3, 2021.
  14. News: Kostelini. Natalie. Montgomery Mall Foreclosed Upon, $118M Judgment Issued. Philadelphia Business Journal. WCAU-TV. Philadelphia, PA. July 21, 2021. July 21, 2021.
  15. Web site: Kostelini. Natalie. Montgomery Mall sells for $55M in a foreclosure sale. Philadelphia Business Journal. November 20, 2021. November 20, 2021.
  16. News: Sharrow. Ryan. Kostelini. Natalie. Former Wegmans Site at Montgomery Mall Sells for $22.6M. Philadelphia Business Journal. WCAU-TV. Philadelphia, PA. September 2, 2022. September 2, 2022.
  17. News: McGinnis. James. Montgomery Mall retailers, shoppers await word on future under new Kohan ownership. Bucks County Courier Times. November 24, 2022. November 28, 2022.