Granite Run Mall Sold, Report Says

The Granite Run Mall has been sold to BET Investments Inc., which is owned by Toll Brothers cofounder Bruce Toll, according to an exclusive report from the Philadelphia Business Journal.

The 57-acre property includes the mall, Acme, Kohl's, Sears Auto, AMC movie theater, and the strip of stores and restaurants along Baltimore Pike in front of the movie theater. Riddle Ale House and McDonald's are not part of the property.

BET Investments, a real estate company based in Horsham, Pa., paid $24.25 million for the 1-million-square-foot regional mall, according to Philadelphia Business Insider.

On Jan. 1, 2013, the property was assessed at $47,250,000 million, according to Delaware County real estate documents.

In April, Rockwood Real Estate Advisors, a New York-based firm, was retained to seek investors for the property.

A Rockwood broker did not immediately return a request for comment.

President of BET Investments Michael P. Markman told Philadelphia Business Journal that the property location offers a great redevelopment opportunity.

"We plan to create a mixed-use, walkable project with a well-planned combination of residential, business and retail uses,” Markman told Philadelphia Business Journal.
The mall was built in 1974 and renovated in 1993.

In early 2011, there were widespread rumors that the mall was closing however that was not the case at that time.

In April 2011, the mall came under new management with Madison Marquette and has seen several improvements and new business ventures inside the mall, including a dinosaur museum, karate club, and recently a new roast beef restaurant.

BET also recently acquired the former Waterloo Gardens in Exton.