March 05, 2026
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A section of the Willow Grove Park Mall is on the market. A lender for PREIT, the mall's owner, is listing the property after a $170 million loan reached maturity.
A large portion of the Willow Grove Park Mall in Montgomery County is up for sale, becoming the region's latest shopping mall to hit the market.
The 62-acre section of the Moreland Road property, long owned by PREIT, will be sold to a buyer that takes on debt from a $170 million loan that has reached maturity. Commercial real estate brokerage JLL describes the mall as an "exceptionally productive" property, listing a 95% occupancy rate in the portion that's for sale.
The piece of the mall that's on the market includes Macy's, Cheesecake Factory, Nordstrom Rack, Sephora and an Apple Store, among other retailers. The section generates $8.8 million in annual net operating income.
The mall as a whole is 88% occupied and covers 1.13 million square feet of leasable area. It was built in 1982 and last renovated in 2001. PREIT initially purchased the mall in 2001 and acquired full ownership of the property two years later as part of a larger merger with Crown American Realty Trust. The section of the mall that includes Bloomingdale's and Primark is now owned separately.
PREIT, which underwent restructuring after two rounds of bankruptcy in recent years, has sold several of its malls in the region. Its top-performing property is the Cherry Hill Mall.
In November, it was reported that LA Partners was slated to acquire a large section of the Plymouth Meeting Mall as part of a $100 million plan to reposition the property as a town center with residential units, a youth sports complex, hotels and restaurants.
PREIT also sold Chester County's Exton Square Mall to Abrams Realty Trust for $34.25 million last year. Abrams' proposal to demolish the mall and create a town center with 718 homes and new retail was rejected by West Whiteland Township over concerns about traffic and strains on infrastructure. The struggling mall was only 62% occupied at the time of its listing.
As part of PREIT's restructuring in 2023, the firm also ceded control of its share of the Fashion District Philadelphia in Center City. In South Jersey, PREIT has sold the Cumberland Mall and a portion of its Moorestown Mall property where residences are being developed.
JLL's marketing materials for the Willow Grove Park Mall show a parking lot on the third level, outside Cheesecake Factory, that could be further developed by a buyer. The sale of the mall property would be completed as a deed in lieu of foreclosure, and a deal could come in well below the original loan amount as a reflection of the falling value of malls, the Philadelphia Business Journal reported. The lender selling the property is PGIM Inc., a subsidiary of Prudential Financial.
The nearby Willow Grove Shopping Center, at the intersection of Easton and York roads, is in the midst of a $105 million redevelopment that includes 261 residential units and 35,000 square feet of retail. The six-story project, which will enter its final phase this summer, replaces about 130,000 square feet of retail that had been there previously.
