Granite Run Mall has been sold to a developer for $24 million.
The mall property, located at Baltimore Pike and Route 352 in Middletown, Delaware County, was purchased by a group led by Bruce E. Toll, who also serves as vice president of luxury home builder Toll Bros., the Delaware County Daily Times reports.
The Horsham-based group that purchased Granite Run Mall through a competitive bidding process does business as BET Investments. A Middletown councilman told the paper BET intends to convert the mall into a mixed-use development.
Madison Marquette, a Washington, D.C., firm has managed the struggling mall since 2011. It took over for a partnership between Simon Property Group and Macerich Co., which purchased the property in 1998 but defaulted on its $115 million mortgage in 2010.
Granite Run Mall opened in 1974. It is anchored by Sears, J.C. Penney and Boscov's.