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Investment salesNewsPennsylvania

JLL Brokers $46 Million Sale of Pittsburgh Shopping Center

by Hayden Spiess

Pittsburgh — JLL Capital Markets has arranged the sale of The Mall at Robinson, an 874,553-square-foot shopping center located in Pittsburgh. JLL represented the seller — an entity doing business as QIC US Management Inc. — in the transaction. Kohan Retail Investment Group purchased the property for $46 million. Dick’s Sporting Goods, Macy’s, JCPenney and a space formerly occupied by Sears anchor the retail center, which was 92.1 percent leased at the time of sale. David Monahan, Claudia Steeb, Cameron Pittman and Emerson Pierce of JLL brokered the sale.

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LeasingNewsPennsylvania

Four Tenants Join Suburban Square in Metro Philadelphia

by Hayden Spiess

Ardmore, Pa. — Kimco Realty has arranged leases with four new tenants at Suburban Square, a shopping center located in Ardmore, approximately 10 miles northwest of Philadelphia. Clothing retailers Addison Bay, Faherty and Veronica Beard and restaurant maman have opened storefronts at the center. These openings mark the first Pennsylvania locations for Addison Bay, maman and Veronica Beard. Originally established in 1928 and renovated in 2017, Suburban Square is also home to tenants including Apple, Trader Joes, SoulCycle and Lilly Pulitzer. Design with Reach, Custom Ink and Jenni Kayne are also …

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Investment salesNewsPennsylvania

Colliers Arranges Sale of 41,311-Square-Foot Ferrari Philadelphia Car Dealership

by Hayden Spiess

Bryn Mawr, Pa. — Colliers has arranged the sale of Ferrari Philadelphia, a 41,311-square-foot car dealership located in Bryn Mawr, approximately 10 miles northwest of Philadelphia. The property comprises a 36,314-square-foot sales and service building and a 4,997-square-foot repair building across the street. An affiliate of Piazza Auto Group purchased Ferrari Philadelphia from an affiliate of RDS Automotive for an undisclosed price. Rich Weitzman of Colliers brokered the deal.

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DevelopmentLeasingNewsPennsylvania

The Home Depot to Open 136,000-Square-Foot Store in Trexlertown, Pennsylvania

by Hayden Spiess

Trexlertown, Pa. — The Home Depot will open a 136,000-square-foot store at Macungie Crossing, a 182,000-square-foot shopping center that is under construction in the Lehigh Valley community of Trexlertown. New York City-based RD Management is developing the project, construction of which is underway and expected to be complete next summer. The Atlanta-based home improvement retailer now operates about 70 stores in Pennsylvania.

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Investment salesNewsPennsylvaniaRestaurants

Northmarq Brokers $7.1 Million Sale of Downtown Pittsburgh Restaurant Building

by Hayden Spiess

Pittsburgh — Northmarq has brokered the $7.1 million sale of a 13,575-square-foot restaurant building in downtown Pittsburgh. The freestanding building is located within the Southside Works development and is leased to The Cheesecake Factory, which has occupied the property since its original construction in 2004. Asher Wenig of Northmarq represented the buyer and seller — both of which are undisclosed New York-based firms — in the transaction.

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LeasingNewsPennsylvania

Let’s Roll Signs 1,119-Square-Foot Lease in South Central Pennsylvania

by Hayden Spiess

Columbia, Pa. — Let’s Roll — a store specializing in the sale, service, and rental of electric bikes, scooters, and mopeds — has signed a lease at Riverview Terrace, a shopping center located in Columbia, approximately 90 miles west of Philadelphia. Let’s Roll will occupy 1,119 square feet of space at the 30,621-square-foot retail center. Nate Resh and Patten Mills of ROCK Commercial Real Estate brokered the lease agreement. This marks the second location for Let’s Roll, which previously opened a store in Lancaster City.

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FinanceMixed-useNewsPennsylvania

JLL Arranges $74 Million Financing for Mixed-Use Property in Pittsburgh

by Hayden Spiess

Pittsburgh —JLL Capital Markets has secured $74 million in financing for SouthSide Works, a 471,939-square-foot mixed-use development located in Pittsburgh. Nick Unkovic and Jeremy Bernstein of JLL arranged the financing — in the form of a six-year, floating-rate loan — with Dollar Bank on behalf of the borrower, SomeraRoad. SouthSide comprises five buildings and features 245,570 square feet of office space and 226,369 square feet of retail space. Tenants at the development include Fred Rogers Productions, COhatch, General Dynamics, LA Fitness, Pins Mechanical, Speckled Egg and Common Place Coffee, 1:11 …

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Grocery-anchoredInvestment salesNewsPennsylvania

JLL Brokers Sale of 186,749-Square-Foot Retail Center in Southern Pennsylvania

by Hayden Spiess

Willow Street, Pa. — Northpath Investments has sold Kendig Square, a 186,749-square-foot retail center located in Willow Street, roughly 70 miles west of Philadelphia. Christopher Munley, Jim Galbally, Colin Behr and James Graf of JLL Capital Markets represented Northpath in the transaction. Kendig Square, which was 95 percent occupied at the time of sale, is anchored by Weis Markets, a grocer with over 30 years of tenancy at the property. Additional tenants include Rite Aid, Planet Fitness, Dollar Tree, PNC Financial Services, UPS and Dollar General. Triple Bar Properties Inc. …

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Investment salesNewsPennsylvania

CBRE Brokers $7.4 Million Sale of Veterinary Clinic in Philadelphia Suburb

by Hayden Spiess

Norristown, Pa. — CBRE has brokered the $7.4 million sale of a 25,150-square-foot veterinary clinic in Norristown, a northwestern suburb of Philadelphia. Metropolitan Veterinary Associates occupies the facility, which was originally built in 1987 and renovated in 2019, on a triple-net basis. Michael Shover, Matthew Gorman, Thomas Finnegan and Rob Thompson of CBRE represented the seller, an entity doing business as LMP Van Buren LLC, in the transaction. The team also procured the buyer, a Nashville-based limited liability company.

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Puttshack Raises $150 Million in Growth Capital, Unveils Expansion Plans

by Hayden Spiess

Chicago — Chicago-based Puttshack, an indoor mini golf venue, has completed a growth capital round of $150 million from funds managed by BlackRock and continued support from Promethean Investments. The new funding will support Puttshack’s rapid growth strategy across the United States. New venues in Boston and Miami are scheduled to open this fall, followed by one in St. Louis this winter. Additional locations in Dallas, Denver, Houston, Nashville, Philadelphia, Pittsburgh and Scottsdale, plus a second location in Atlanta, are all slated to open in 2023. Additional U.S. locations will …

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