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Maurice Zekaria Of Paramount Realty Acquires Neshaminy Mall In Bensalem For $27.5M
SOLD
$27,500,000
Pennsylvania
See Similar DealsRetail
Sold 07/17/2024
SOLD
Maurice Zekaria Of Paramount Realty Acquires Neshaminy Mall In Bensalem For $27.5M
707 Neshaminy Mall Drive
See Similar DealsRetail
Sold 07/17/2024
Summary
PENNSYLVANIA
Asset Type:Retail
Transaction Type:Sale
The property asset is located at 707 Neshaminy Mall Drive in Bensalem, PA. It is classified as a retail space and has a sale price of $27,500,000. The property is currently half-vacant and is part of the Neshaminy Mall, which is situated in Bucks County.
Summary of transaction details:
- Property Type: Retail
- Transaction Amount: $27,500,000
- Buyer: Maurice Zekaria - Paramount Realty; Edgewood Properties
- Seller: Brookfield Properties
- Brokers: David Monahan, James Galbally & Patrick Higgins - JLL
Paramount Realty and Edgewood Properties are the new owners of the property and intend to redevelop the site by demolishing about half of the existing structure. They have plans to retain key tenants, including Boscov’s and AMC, during the redevelopment process.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$1,466,666.66
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$97,701.70
Cash-on-Cash Return-1.27%
Monthly Debt Service$130,364.03
Annual Debt Service$1,564,368.36
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