News release

Regional Mall outside Philadelphia sells for $55M

JLL Capital Markets closed the sale of the 1.1M-SF Montgomery Mall in North Wales, PA

December 06, 2021

Kimberly Steele

Capital Markets, Agency Leasing and Valuation Advisory PR
+1 713 852 3420

PHILADELPHIA, Dec. 6, 2021 – JLL Capital Markets announced today that it has closed the $55 million sale of Montgomery Mall, a 1.1-million-square-foot regional mall anchored by Wegman’s, Macy’s, JCPenney and Dick’s Sporting Goods in the suburban Philadelphia community of North Wales, Pennsylvania.

JLL advised the seller, a CMBS trust. Kohan Retail Investment Group acquired the asset.

Montgomery Mall originally opened in 1977 and was last renovated in 2014. Nearly 73 percent leased, it features a stellar lineup of popular anchor tenants, including Wegman’s, Macy’s, JCPenney and Dick’s Sporting Goods, and well-known retailers such as H&M, Forever 21, American Eagle, Bath and Body Works and Outback Steakhouse, among others.

Situated on approximately 105 acres at 230 Montgomery Mall, the property is in the heart of Philadelphia’s northern suburbs at the heavily trafficked intersection of US 202 and SR 309, facilitating visibility to more than 65,680 vehicles per day. The property is also easily accessible from the Pennsylvania Turnpike, adding to its regional appeal and attracting shoppers from Montgomery and Bucks Counties. Montgomery Mall serves an expansive trade area that includes approximately 568,164 residents earning an average annual household income of more than $100,000 within a 10-mile radius.

The JLL Retail Capital Markets team representing the seller was led by Senior Managing Directors David Monahan, Jim Galbally and Chris Munley; Senior Directors Cameron Pittman and Colin Behr; and Associate Akhil Patel.

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

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About JLL

JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.6 billion in 2020, operations in over 80 countries and a global workforce of more than 95,000 as of September 30, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.