Simon Property Group, the owner of Philadelphia Mills, is currently in talks to surrender the Northeast Philadelphia mall after a loan on the property comes due, writes Emma Dooling for the Philadelphia Business Journal.
Franklin Mills Associates, which is owned by a joint venture between Simon Property Group and Farallon Capital Management investment firm, is looking to hand ownership of the mall to the commercial mortgage-backed securities trusts that hold four notes comprising a $290 million loan that matured in June.
According to loan servicer notes, the noteholders have ordered reports from third parties and are now working on the title transfer.
Philadelphia Mills is located off of Woodhaven Road at 1455 Franklin Mills Circle. It became a popular destination for outlet shopping in 1989, when it first opened its doors as Franklin Mills. Simon acquired the retail complex in 2007 and renovated it in 2014, when it also changed its name to Philadelphia Mills.
The mall is currently anchored by Burlington, Marshalls, HomeGoods, AMC Theatres, and a Walmart Supercenter.
Last year, Philadelphia Mills brought in $19.5 million in revenue, which is a 15 percent drop from the previous year. The mall’s net operating income fell to its lowest level under Simon’s ownership in 2023 at $10.6 million
Read more about Philadelphia Mills and its potential future in the Philadelphia Business Journal.
_____
