New Montgomery Mall Owners Have Yet to Show Progress in North Wales
Kohan Retail Investment Group — a Great Neck, N.Y., CRE retail turnaround firm — purchased the ailing Montgomery Mall in summer 2022. But according to a Bucks County Courier Times story by James McGinnis, revival of the North Wales shopping site has been slow to unfold.
Former owner Simon Property Group divested itself of ownership of Montgomery Mall to Kohan for $55 million, a price point down considerably from a former valuation of $195 million.
Little has changed since.
Infrastructural amenities such as escalators have been in and out of service; half the food court is shuttered; and a former storefront now hosts Rotary Club meetings.
The property’s outlying businesses — chain restaurants and a Wegmans — are, however, proving to be a draw.
Yet, few customers venture into the mall after eating, picking up takeout, or purchasing groceries.
Worse, shopkeepers are being told very little about plans to rekindle interest.
Redevelopment doesn’t seem to be in the cards, either, according to a scan of permit filings.
Carolyn McCreary, manager of Montgomery Township, said, “There have been no plans or discussions as to … any redevelopment of the property.”
More on Kohan Retail Investment Group and Montgomery Mall is at the Bucks County Courier Times.
A 2021 walkthrough of Montgomery Mall in North Wales.
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