Philadelphia Mall Investors Selling Grocery Anchored Spaces

NBC 10 Philadelphia reports, Grocery Stores at Montgomery County Malls Come Up for Sale, on two local grocery-anchored spaces, in Montgomery County, that are being offered by local mall owners. NBC 10 wrote, “A month after buying the Montgomery Mall for $55 million in a foreclosure sale, Kohan Retail Investment Group has put up for sale a Wegmans that is part of the property, and not far down the road at the Plymouth Meeting Mall PREIT has decided to market the space it has leased to Whole Foods Market on a long-term basis.”

It’s interesting to see two mall investors selling off stable high-value assets. Perhaps both Kohan and PREIT are planning major changes to their malls and are looking to fund the changes with the sale of the grocery parcels.

Are we’ve written before, mall owners are going to need to creatively look at their properties in order to deal with the retail changes we’ve seen over the last decade.