CMBS Trust has sold Montgomery Mall, a 1.1 million-square-foot regional mall anchored by Wegman’s, Macy’s, JCPenney and Dick’s Sporting Goods in the suburban Philadelphia community of North Wales, Penn.
Kohan Retail Investment Group acquired the asset for $55 million.
Montgomery Mall originally opened in 1977 and was last renovated in 2014. Nearly 73 percent leased, it features popular anchor tenants, including Wegman’s, Macy’s, JCPenney and Dick’s Sporting Goods, and well-known retailers such as H&M, Forever 21, American Eagle, Bath and Body Works, and Outback Steakhouse, among others.
Situated on approximately 105 acres at 230 Montgomery Mall, the property is in the heart of Philadelphia’s northern suburbs at the heavily trafficked intersection of US 202 and SR 309, facilitating visibility to more than 65,680 vehicles per day. The property is also accessible from the Pennsylvania Turnpike, adding to its regional appeal and attracting shoppers
