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The Montgomery Mall of North Wales, Pennsylvania has a new owner.
If you’re thinking of going to the Montgomery Mall this holiday season, you might be seeing some changes. Maybe some extra, extra discounts.
According to Philadelphia Business Journal, Kohan Retail Investment Group has bought the mall for $55 million dollars in a foreclosure sale. The Great Neck, New York based firm swiped away the 1.1 million square-foot property. Kohan went through Montgomery Mall Retail Holdings and a Montgomery County Court of Common Pleas judge for a signed order to purchase. The Kohan Retail Investment Group already owns 50 similar malls across the country including ones in Pennsylvania like the Wyoming Valley Mall, Washington Crown Center and Lycoming Mall. The sale price is 95% of the mall’s appraised value of $57.5 million in August of this year.
The previous owner, Simon Property Group, ran into trouble once Covid-19 ran rampant last year. Simon Property Group’s $100 million loan was nearing to default by August 2020. An entity that was affiliated with the mall and Simon, had to make aware that they could not spend any more money into the loan. Although that said entity was willing to able to manage the property.
Did anyone notice any changes with the Montgomery Mall prior to the sale? Let us know in the comment section.
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