Nearly a month after the Montgomery Mall gets a new owner in a $55 million foreclosure sale, Wegman’s has now gone up for sale, according to Montco.Today.
In addition, Whole Foods Market at the Plymouth Meeting Mall is also available, per the report. Montco.Today reports that it is not out of the ordinary for real estate owners to sell off parts of a larger property, much like PREIT did in 2019 when it sold an Exton Square Mall property leased to Whole Foods for more than $22 million. The Whole Foods being put up for sale at the Plymouth Meeting Mall is part of a capital raising initiative for PREIT, per the report.
According to Montgomery County land records, the Wegman’s parcel has been owned by Wegmans Food Markets under the entity 213-36 Montgomery Holdings LP since February 2011.
According to the Philadelphia Business Journal, triple-net leases, like Wegmans, are desirable investments: They are long-term, they are stable, and they offer lease extension options in an uncertain economy.
Wegmans started its lease in 2013 and it expires in 2033, per the article. There are five 10-year options to extend the lease, according to the Philadelphia Business Journal.
Read about the sale in the Philadelphia Business Journal here.
See also:
Montgomery Mall Sold to Investment Group for $55 Million
Montgomery Mall Now Up for Sale, Expected to Sell for Less than Half of Loan Default, Report States
Montgomery Mall in Foreclosure After $118 Million Loan Default, Judge Directs Mall to Be Sold
Possible $100 Million Loan Default Could See Simon Property Walk Away From Montgomery Mall
Applebee’s in Montgomery Township Has Permanently Closed
