Brookfield Launches 143,000 SF Medical Redevelopment at Neshaminy Mall
Former Department Store Reimagined as New Regional Medical Magnet
Brookfield Properties has recently launched redevelopment plans that, when complete, will finalize the transformation of the former Neshaminy Mall Sears anchor into a premier healthcare destination. The Colliers team of Matthew Shanahan and Ina Sargen have been named exclusive leasing agents for the new medical opportunity.
Two years ago, Sears announced it would be closing its Neshaminy Mall location as part of a plan to liquidate 142 stores nationwide.
Today, the now-vacant Sears space is being positioned as an innovative medical office opportunity by which regional medical health systems can serve the population-dense surrounding region from a highly centralized, accessible and well-known location. Medical specific features of the site have been designed to include: clear vehicular access and proprietary parking for patient populations, a covered patient drop-off pavilion and a dedicated entrance and lobby.
“We believe this will be THE revitalizing new medical destination of the region - affording premier branding and visibility for regional health systems and access to a large untapped population of over a million that is currently underserved for medical services.” stated Matthew Shanahan, a Senior Managing Director with Colliers Healthcare Services.
Neshaminy Mall has long been considered a standout location of the region not only for the strong population demographics of Bucks County that retailers desire, but as an extremely accessible regional destination. Located just minutes from downtown Philadelphia at one of the busiest intersections on the PA Turnpike (I-276), this retail property is easily accessible from Interstate 95 and highly trafficked PA Route 1. This year saw a new Turnpike interchange completed that directly enhances the site’s regional connectivity to New Jersey. Notably, Neshaminy is served by both SEPTA regional rail and Amtrak.
Current Neshaminy Mall retailers Boscov's and AMC anchor a mix of specialty shops that include Barnes & Noble, Hollister Co., H&M, Aéropostale, The Children’s Place and others. The Neshaminy Mall Boscov’s is the number one store of their 50-store chain. Similarly, AMC Neshaminy 24 is one of the largest cinemas in the area, ranking as one of the top 30 theaters in North America for the chain.
For more information visit: Neshaminy Medical Listing on Colliers.com. View this press release online: https://cms.colliers.com/en/News/Philadelphia/Brookfield-Launches-Medical-Redevelopment-at-Neshaminy-Mall
About Brookfield Properties
Brookfield Properties is a fully-integrated, global real estate services company, providing industry-leading portfolio management capabilities across the real estate investment strategies of Brookfield Asset Management — a global alternative asset manager with over $515B in AUM.
Brookfield Properties develops and manages premier realestate with a focus on maximizing the tenant experience in addition to the investment and operational performance of the asset. We also focus on integrating leading-edge real estate technologies which enables us to be at the forefront of innovation and sustainability – benefiting not only our tenants and business partners, but also the communities in which we operate. For more information about our approach to operating and developing best-in-class real estate, please visit brookfieldproperties.com.
About Colliers International
Colliers International (NASDAQ, TSX: CIGI) is a leading real estate professional services and investment management company. With operations in 68 countries, our more than 15,000 enterprising professionals work collaboratively to provide expert advice to maximize the value of property for real estate occupiers, owners and investors. For more than 25 years, our experienced leadership, owning approximately 40% of our equity, has delivered compound annual investment returns of almost 20% for shareholders. In 2019, corporate revenues were more than $3.0 billion ($3.5 billion including affiliates), with $33 billion of assets under management in our investment management segment. Learn more about how we accelerate success at corporate.colliers.com, Twitter @Colliers or LinkedIn.