Willow Grove Park Mall is about to change owners. The sale follows a loan that recently matured. In August, PREIT, the longtime owner, confirmed to the Philadelphia Inquirer that a lender-directed sale of most of the mall was under way. At the same time, the part PREIT owns was still about 95 percent leased and bringing in $8.8 million a year, according to MONTCO Today's September 19 update. So the deal is about money owed. It has little to do with whether shoppers still come.
For anyone in Abington who uses the mall for errands, holiday shopping or a winter walk, that changes what you should expect this season. The ownership news is happening at the level of debt and parcels. The changes you can actually see on the floor come from individual stores opening and closing all year, along with pop-ups on the holiday calendar.
What the sale covers, and what stays out of it
The Philadelphia Inquirer reported on August 20, citing the Philadelphia Business Journal, that three New York firms were set to buy PREIT's 725,000-square-foot section of the 1.2-million-square-foot mall, along with its debt, for an undisclosed price. The firms are Namdar Realty Group, Mason Asset Management and CH Capital Group. That means a large share of the building you walk through sits outside the deal.
| Part of the property | Included in the reported sale? |
|---|---|
| Macy's | Yes |
| Nordstrom Rack | Yes |
| The Cheesecake Factory | Yes |
| Bloomingdale's | No, separate parcel |
| Primark | No, separate parcel |
As of the latest report we found, the sale had not closed. On September 19, MONTCO Today described PREIT as still expecting it to close "in the near term." The buyers have not said what they plan to do. Glensidelocal.com reported on August 20 that no plans had been announced, and the Inquirer said the buyers did not return calls or emails. This isn't their first deal in the region. In 2015, Namdar and Mason bought Voorhees Town Center from PREIT for $13.4 million.
Why a mostly leased mall is selling under its debt
The reported numbers make the case on their own. The debt comes from a $170 million loan that recently matured. MONTCO Today reported that, according to industry sources, the debt could trade for roughly $70 million, a steep discount that reflects how far mall debt values have fallen. Occupancy was about 96 percent in 2023, and the PREIT section is still about 95 percent leased. The discount is on the debt, while the stores remain mostly full.
The long view matches. The mall opened in 1982. PREIT has held a stake since 2000, when it and the Pennsylvania State Employees' Retirement System agreed to buy the center for $140 million. PREIT has filed for bankruptcy twice since the pandemic and came out the second time, in April 2024, with about $800 million less debt.
The most recent public redevelopment idea for this site is also older than the sale. In 2021, PREIT asked Abington to change its zoning text to allow multifamily housing. Its concept was a five-story, 365-unit building in the Bloomingdale's parking lot, with a path by the existing pond. Township records show the Abington Planning Commission rejected the proposed amendment on May 25, 2021.
The turnover already under way
Inside the mall, the changes shoppers see this year come from individual stores. In 2026 they have mostly run toward smaller operators and a discount concept that was already a regional draw.
- January 7: GameStop permanently closed its store at the mall, as part of a company-wide downsizing.
- January: Francesca's was reported to be winding down its stores. The company had not publicly confirmed a closing date for the Willow Grove location.
- February: Stone Haven opened on the first level, selling natural stones and jewelry, and Qazi Jewelers opened on the third level.
- February 27: This was the announced opening date for Reclectic in the former Sears space. Reclectic is URBN's discount store, and the Willow Grove store was announced at 44,000 square feet.
- By early May: Trendy Toys, Time Over Time, Satin In A Bottle and Hilltop Haven Wine & Farm Market were reported open. Second Chance Plants was open in the outside parking lot. SLIMELAND, Milano Men's Wear and LaMala Boutique were listed as opening soon.
Reclectic is the anchor-sized change. It moved from Philadelphia Mills, where its 2023 store was about 40,000 square feet, so the Willow Grove space is somewhat larger. According to the Inquirer, the store usually prices items 50 to 60 percent below the ticket price. Its stock includes new goods, slightly damaged pieces and items that went through Nuuly, URBN's clothing rental service. An URBN strategy executive told the paper that shoppers travel 30 to 60 miles to visit Reclectic stores. That's a major draw sitting in a former department store, on a property whose owner is selling for financial reasons. Something similar was planned for the old JCPenney. Abington's 2021 annual report noted an announced conversion of that space into Tilted 10, an amusement center the report said would offer over 104,000 square feet.
The holiday calendar runs on short-term tenants
The same pattern carries into the season. Most of what's new at the mall between now and Christmas is temporary: pop-ups, a vendor market and a food truck. The mall's events page currently lists these dates for 2026:
- Colorful Desires Pop Up Shops, October 16 to December 6
- Hometown Vendor Market, November 13 to December 20
- Santa Photos at Willow Grove Park, November 13 to December 24
- Cousins Maine Lobster Pop-Up Truck, running since August 19 and continuing through December 23
- Morning Mall Walk, an ongoing listing on the calendar
The S&B Sports Card and Collectibles Shows, which ran from mid-August, wrapped up on October 11. For Santa, the mall's page asks visitors to reserve ahead and links to a separate page for hours, so check that page before you go. The events page has no publication date, so treat these dates as the schedule as posted today. They could change once the sale closes.
The Willow Grove project that is actually being built
The active Willow Grove construction site is at Willow Grove Shopping Center, 122 Park Avenue, which is in Upper Moreland Township, not Abington. Federal Realty got conditional approval in 2023. A June 11 MONTCO Today report described plans for 261 apartments, 35,000 square feet of retail, a six-story garage and eight two-bedroom townhomes, with move-ins targeted for spring 2028. Patch reported on April 29 that demolition had started on 130,000 square feet of older retail.
The reported figures don't match. The June 11 story put the cost at $105 million. An earlier MONTCO Today report from May 30 called it a $115 million project with 52,000 square feet of retail. That May report also said Marshalls and Five Below would stay open. As of May 28, Glensidelocal.com reported that Nudy's Café was planned there for fall 2026, in about 2,296 square feet. A rep for the center's owner said the plans for Oola Bowls had fallen through. We have not seen a report that Nudy's has opened.
The restaurant lineup along the nearby roads has changed this year too. Patch reported that Just Salad opened at 4025 Welsh Road in July. Mazaj held its grand opening on July 26 at 2700 Easton Road, in the former Grandma's Grotto Pizza space. It serves Yemeni- and Saudi-inspired halal food and coffee. Some familiar names closed. Patch reported the end of Carrabba's Italian Grill near the Turnpike interchange in February, the Federal Donuts and Chicken at 4021 Welsh Road in April, and the longtime KFC across Easton Road from the mall in June.
If you own nearby and wonder how a new mall owner, or the Park Avenue apartments in Upper Moreland, could affect your corner of Abington, Ariel Belli and the Art Herling Team In Blue Bell follow these filings as they come in and can explain what's on record. Let's Connect: Start Your Move.
This article is general information, not legal, tax or financial advice. Consult a qualified professional about your situation.
