Colliers Retail Finalizes Sale of Former Macy’s Neshaminy Mall

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Dark Box Brightens with Proposed Redevelopment Plan

March 9, 2020  [Bensalem, PA] – 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.

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Conceptual Marketing Rendering

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. 

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 

Contact:
Todd Sussman Senior Managing Director, Colliers International
todd.sussman@colliers.com +1 215 850 3304

Jon Kieserman  Senior Vice President, Colliers International 
jon.kieserman@colliers.com  +1 610 557 0184

 

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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

 

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Related Experts

Todd Sussman

Senior Managing Director | Philadelphia

Philadelphia

Todd joined Colliers in 2006 and specializes in the sale and leasing of retail properties in the Tri-state area. Todd frequently consults and works closely with developers to identify and acquire key properties throughout the region. Retail and mixed use development, site selection, negotiation, acquisitions, strategic planning, disposition of properties for national retailers are a few of the skills Todd has performed over the years.  Todd also collaborates and develops retail development strategies for retailers throughout the Tri-state area. 

Todd has over 20 years of experience in all aspects of commercial real estate including but not limited to: 

• Asset Management of Apartments, Hotels and Retail Properties

• Brokerage - Leasing and Sales, Management/Training

• Investment properties 

• Development and repurposing of properties

During his tenure at Colliers, Todd has provided creative, strategic solutions to area landlords and shopping centers and brought his expertise to tenants looking to expand, relocate, contract or optimize locations across the region. His understanding of the development process from conceptualization to completion benefits the retail clients and developers he represents.

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Jon Kieserman

Sr. Vice President

Conshohocken

Jon Kieserman joins Colliers as a retail leader with over 26 years in the retail business and 20 specializing in retail tenant and landlord representation. Retail is in his blood. Prior to his career in real estate Jon was a tenant himself, leading a family-owned 16 store regional retail operation. 

There is nothing Jon enjoys more than rolling up the sleeves and coming together as part of a team with a client to share creative off-market or out-of-the box solutions that succeed in today’s rapidly evolving retail landscape. 

Jon has provided retailer representation and/or disposition services for the likes of Walmart, Sam’s Club, Lowe’s, AutoZone, Wendy’s, Joyce Leslie, Pizza Hut, Taco Bell, Kentucky Fried Chicken, Pep Boys, Circuit City, Jiffy Lube and others. With over 3.5 MSF leased or sold throughout his career and a roster of national tenants, Jon provides exceptional market knowledge and insight into retail in the Tri State region and beyond.

His personal approach is what clients remember long after the transaction - a true partner that is accessible, proactive and results driven.

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