After being foreclosed on and put in receivership, Montgomery Mall has now been put up for sale and is expected to sell for an estimated $50 million, writes Natalie Kostelni for the Philadelphia Business Journal.
That is significantly below the $118 million judgment lodged against the property that was formerly owned by Simon Property Group as a result of loan default.
The estimate of $50 million was derived from an appraisal of the mall that took place in August 2020. At the time, the property was valued at $61 million, or $55 a square foot. Six years prior, an appraisal valued the mall at $195 million, or $176 per square foot.
The property serves as an example of the issues malls have been dealing with even prior to the pandemic which have only been exacerbated by the effects of COVID-19.
The 1.1-million-square-foot center is situated on close to 105 acres in North Wales. It is 72.9 percent occupied and was renovated in 2014. Potential buyers for the property will likely include entities that want to lease up the vacancies and maintain Montgomery Mall as a retail center.
Read more about the Montgomery Mall in the Philadelphia Business Journal.