JLL Negotiates $55M Sale of Montgomery Mall in Metro Philadelphia

NORTH WALES, PA. — JLL has negotiated the $55 million sale of Montgomery Mall, a 1.1 million-square-foot regional shopping and dining destination in North Wales, a northern suburb of Philadelphia. Wegman’s, Macy’s, J.C. Penney and Dick’s Sporting Goods are the anchor tenants at the 105-acre property, which opened in 1973, was renovated in 2014 and was 73 percent leased at the time of sale. Other tenants include H&M, Forever 21, American Eagle, Bath & Body Works and Outback Steakhouse. David Monahan, Jim Galbally, Chris Munley, Cameron Pittman, Colin Behr and Akhil Patel of JLL represented the seller, an undisclosed CMBS trust, in the transaction. New York-based Kohan Retail Investment Group purchased Montgomery Mall for an undisclosed price.