Elkins Park-based Abrams Realty & Development is under contract to acquire the Berkshire Mall in Wyomissing, with plans to demolish the shopping center to make way for new retail development, writes Paul Schwedelson for the Philadelphia Business Journal.
The financial terms of the deal remain unclear.
The 59-acre property and the 910,000-square-foot mall have been owned by Namdar Realty Group since 2020. Constructed 55 years ago, the property has significantly deteriorated in recent years, and local officials have been pressuring the owner to reinvest in or sell the property. According to Wyomissing Borough Manager Michele Bare, the mall is currently almost half vacant.
Abrams Realty & Development owner Peter Abrams stated he intends to demolish the entire Berkshire Mall, leaving only the Boscov’s department store intact. The redevelopment would feature all-new retail space without residential components, which would set it apart from the developer’s other projects. The retail area is expected to be mostly open-air.
“We are very bullish on putting a great tenant lineup together and bringing this one back to its glory days with new best-in-class retailers,” said Abrams.
Read more about Elkins Park’s Abrams Realty & Development in the Philadelphia Business Journal.
