Springfield Mall is worth a fraction of what it once was.
The Delaware County shopping center has been appraised at just $30 million, a staggering 73 percent collapse from the $112 million valuation it carried in 2015, when owners PREIT and Simon Property Group originated their loan, Noah Zucker reports for BisNow.
The mall at 1250 Baltimore Pike is now worth far less than the $52.4 million still owed on its fixed-rate loan, leaving the property underwater by more than $22 million.
According to Morningstar Credit, the loan entered special servicing in October after the borrowers missed the payoff deadline at maturity.
Morningstar’s David Putro told BisNow the fresh appraisal marks a major step in the workout process and could clear the way for a receiver to be appointed.
Yet the mall is far from a ghost town.
Morningstar reported an 88 percent occupancy rate, though net cash flow is running 29 percent below underwriting expectations.
A 2025 “Boots on the Ground” report found the property generated $389 in sales per square foot, trailing the $450 submarket average.
Putro was blunt about the mall’s condition, calling it “not thriving,” but he stopped short of writing its obituary.
He suggested Springfield Mall could become a candidate for redevelopment, especially if the borrowers see a path worth pursuing.
For now, local tenants have helped keep storefronts lit, often at lower rents.
For the full breakdown of what the appraisal means for Springfield Mall’s future, including the redevelopment scenarios on the table, head over to BisNow.
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