Quakertown, Pa. — First National Realty Partners (FNRP) has acquired Richland Marketplace, a 162,000-square-foot shopping center in Quakertown, about 50 miles north of Philadelphia. Built in 2009, the center houses tenants such as Aldi, Best Buy, PetSmart, Planet Fitness, Staples, Ulta Beauty, Visionworks, Sally Beauty and Skechers. Colin Behr and Chris Munley of JLL represented the undisclosed seller in the transaction.
Harrisburg, Pa. — Marcus & Millichap’s Institutional Property Advisors (IPA) has arranged the sale of Colonial Commons, a 410,432-square-foot retail center in Harrisburg. The center, which was built in 1989 and renovated in 2014, was 98 percent leased at the time of sale and is anchored by tenants including Hobby Lobby, Dick’s Sporting Goods, HomeGoods, Marshalls, Ross Dress for Less, Jo-Ann Fabrics, Ulta and Old Navy. A PetSmart store is also set to open in 2023. Brad Nathanson of IPA represented the seller and procured the buyer.
Quakertown, Pa. — Cronheim Mortgage has arranged $9 million in permanent financing for a 210,000-square-foot shopping center in Quakertown, located approximately 40 miles north of Philadelphia. Anchored by Giant, the unnamed center also houses tenants such as Rite Aid, Buffalo Wild Wings, H&R Block and Panera Bread. Allison Villamagna and Andrew Stewart of Cronheim Mortgage arranged the financing on behalf of the borrower, a subsidiary of New York City-based ADCO Group. An undisclosed life insurance company provided the loan.
Montgomeryville, Pa. — JLL Capital Markets has arranged the sale of Airport Square, a 298,719-square-foot retail center located in Montgomeryville, roughly 25 miles north of Philadelphia. Airport Square was 98 percent leased at the time of sale and is anchored by TJ Maxx, Marshalls, Best Buy, Home Goods, HomeSense and Golf Galaxy. Other tenants include Old Navy, Michaels, Chipotle Mexican Grill and Shake Shack. Jim Galbally, Christopher Munley, Colin Behr and James Graf of JLL represented the seller, a global investment advisor, in the disposition of the property to a …
Forks Township, Pa. — Crayola has entered into an agreement with BrightColors LLC to open at least five new Crayola Experience venues, doubling Crayola’s presence in the U.S. The company’s portfolio currently includes five locations in Easton, Pennsylvania; Orlando, Florida; Bloomington, Minnesota; Plano, Texas; and Chandler, Arizona. Last November, Crayola began actively seeking partners to extend its footprint domestically and internationally. The Forks Township, Pennsylvania-based company’s first multi-venue licensing agreement will be with BrightColors, which is working with partner Kingsmen Xperience Inc. to open the new locations over the next …
Cherry Hill, N.J. — Pennsylvania Real Estate Investment Trust (PREIT) has welcomed several new tenants to Cherry Hill Mall in metro Philadelphia. Apparel brands Psycho Bunny and Levi’s have signed leases for 2,390 and 3,000 square feet with plans to open in mid-2023 and late 2022, respectively. Seafood restaurant Eddie V’s has also committed to 8,685 square feet and is targeting a spring 2023 opening. Laura Pomerantz of Cushman & Wakefield represented Levi’s in the lease negotiations, and Drew Schaul and David Orkin of CBRE respectively represented Psycho Bunny and Eddie …
Pittsburgh — Whole Foods Market has opened a 54,667-square-foot store at 5700 Penn Ave. in Pittsburgh’s East Liberty neighborhood. The store will feature full-service meat and seafood counters, an artisanal cheesemaking department, coffee bar, prepared foods section and a selection of more than 250 craft beers and 700 wines. The store, which is a relocation of a market at 5880 Centre Ave. that served the community for more than 20 years, officially opened on Wednesday, Aug. 10.
Pottstown, Pa. — Institutional Property Advisors (IPA), a division of Marcus & Milllichap, has brokered the $85.7 million sale of Upland Square, a 400,716-square-foot power center located roughly 40 miles northwest of Philadelphia in Pottstown. A 76,500-square-foot Giant Food anchors the center, which was leased to tenants such as Burlington, LA Fitness, Five Below, Ross Dress for Less, Bed Bath & Beyond, Staples, TJ Maxx, Petco and Ulta Beauty at the time of sale. An AMC Theatre and the freestanding retail pads located on the site were not included in the …
Pittsburgh — Syndicated Equities has sold Plaza at the Pointe, a 149,973-square-foot shopping center in Pittsburgh. At the time of sale, the property was leased to tenants such as Bed Bath & Beyond, La-Z-Boy, Party City, Old Navy, Dress Barn and Bob’s Discount Furniture. The buyer was not disclosed. Syndicated Equities originally acquired the property in partnership with Chicago-based owner-operator M & J Wilkow in 2016 for $24.5 million.
Philadelphia — Josh Harris and David Blitzer, managing directors of the National Basketball Association’s Philadelphia 76ers, have formed a development corporation for construction of the team’s new arena, known as 76 Place, in Center City Philadelphia. Development costs are estimated at $1.3 billion, with plans to complete construction before the 2031-2032 NBA season. The property will be part of Fashion District Philadelphia, a 900,000-square-foot mall redevelopment that opened in September 2019. The team will partner closely with Macerich, which owns Fashion District, on the project. The transit-oriented site is located at Market …
