Greenleaf at Cheltenham, the Wyncote commercial real estate property that operated for decades as the Cheltenham Square Mall, has a new owner. Natalie Kostelni covered the property’s various transferals, including this latest one, for the Philadelphia Business Journal.
Paramount Realty, a Lakewood, N.J. firm, is the latest acquirer of the 65-acre site, which has been used for retail since 1959. The price tag was a reported $69.5 million.
The locale proved attractive to Greenleaf for assets that included a supermarket anchor (ShopRite). The real estate firm routinely targets similar investments, evidenced by ownership of holdings in Bensalem, Exton, and Downingtown with food stores.
The sellers included an affiliate Sun Equity Partners, a privately held New York firm. It purchased the site in 2014 through a foreclosure sale for $29 million. That valuation indicates the property’s sluggish performance, despite Sun Equity’s efforts to renovate and rebrand it.
According to the Paramount Realty website, Greenleaf at Cheltenham currently has 11,000 sq. ft. of vacant space.
More on this retail change of owners is at the Philadelphia Business Journal.