Pennsylvania

Pittsburgh — Dick’s Sporting Goods (NYSE: DKS) reported a record level of quarterly earnings for its fiscal second quarter, which ended Aug. 1. The company reported $276.8 million in consolidated net income and boosted its earnings per share by 155 percent relative to the second quarter of 2019. The Pittsburgh-based retailer cited booming e-commerce sales, which rose by 194 percent year over year, as a key driver in the company’s growth. In addition, Dick’s noted that through the first three weeks of the third quarter, same-store sales have already increased …

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Philadelphia — JLL has negotiated the sale of Columbus Crossing, a 140,418-square-foot retail center located along Christopher Columbus Boulevard in southeastern Philadelphia. The open-air, riverfront property was fully leased at the time of sale to tenants such as T.J. Maxx, HomeGoods, Ulta Beauty, Planet Fitness, Chipotle Mexican Grill and AT&T. In addition, a Walmart and Home Depot shadow-anchor the center. Chris Munley, Jim Galbally and Colin Behr of JLL represented the undisclosed seller in the transaction. The trio also procured the buyer, Paramount Realty Services.

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Bensalem, Pa. — California-based Adler Realty Investments Inc. has acquired Bensalem Crossing, a 67,215-square-foot retail center located on the northeastern outskirts of Philadelphia, for $11.5 million. The center is leased to three tenants: anchor and grocer ShopRite, CVS and a wireless telecommunications provider. Jim Galbally, Chris Munley and Colin Behr of JLL represented the New York City-based seller in the transaction. Chad Orcutt, Brian Halpern and Mike Pagniucci of JLL arranged $7.1 million in acquisition financing on behalf of Adler Realty.

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Pittsburgh — Global health and wellness company GNC Holdings Inc. (NYSE: GNC) has filed for Chapter 11 bankruptcy. GNC and all of its subsidiaries will remain open for business during the process. Pittsburgh-based GNC expects to use the bankruptcy process “to improve its balance sheet and capital structure while continuing to advance its business strategy, right-size its corporate store portfolio and strengthen its brands to protect the long-term sustainability of its business,” according to a press release from the company. Over the past year, the company has executed a strategy …

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Philadelphia — Pennsylvania Real Estate Investment Trust (PREIT) plans to open all of its malls and retail centers, including its 900,000-square-foot Fashion District Philadelphia shopping and entertainment destination, by July 4. Following temporary store closures amid the COVID-19 outbreak, PREIT has reported an average occupancy rate of 85 percent among non-anchor tenants at its reopened properties. Retailers and restaurants at PREIT’s properties have implemented expanded sanitation and social distancing procedures, including outdoor dining service and contactless pickup. Many stores also offer complimentary masks to guests on entry. PREIT owns and …

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Philadelphia — Five Below (NASDAQ: FIVE), a discount retail chain headquartered in Philadelphia, has now reopened 90 percent of its stores across the United States. Due to the COVID-19 pandemic, the company temporarily closed all of its 920 stores across 36 states on March 20 and began reopening them in late April. Five Below reported a net sales decrease of 44.9 percent from $364.8 million to $200.9 million between the first quarters of 2019 and 2020. The first quarter of the company’s 2020 fiscal year ended May 2. In addition, …

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Bethlehem, Pa. — Colliers International has brokered the $4.5 million sale of Bethlehem Village Shoppes, a 31,450-square-foot retail center in Bethlehem, an eastern suburb of Allentown. At the time of sale, tenants included the Northampton County Court of Common Pleas, H&R Block and several restaurants. Jeff Algatt, Derek Zerfass and Scott Horner represented the seller, a locally based private investor, in the transaction. W.C. Weiss of Equis Commercial Real Estate represented the undisclosed buyer. QNB Bank provided acquisition financing.

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Montgomeryville, Pa. — Colliers International has negotiated the $4 million sale of a 41,179-square-foot retail property in Montgomeryville, a northern suburb of Philadelphia. Located at 980 Bethlehem Pike, the building was previously occupied by craft supplies retailer A.C. Moore but was vacant at the time of sale. The property is located near the Route 202 shopping center, which includes a Target, Giant supermarket and Bed Bath & Beyond. Carl Neilson, Todd Sussman and Jon Kieserman represented the seller, a local limited liability company, in the transaction. The buyer was 978 …

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Philadelphia — PREIT has launched a “shop local” section on its website to shine a spotlight on the small businesses in its portfolio. The Philadelphia-based mall owner reports that 48 percent of Americans work for a small business and 76 percent of those businesses have been affected by the COVID-19 outbreak. Furthermore, the company says small businesses make up 28 percent of its portfolio. The shop local page​ has categories that include home goods, food, health and wellness, athletic and outdoor, and apparel and accessories. “Our local businesses are among the enterprises hardest …

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Philadelphia — Philadelphia-based PREIT has a message for the communities it serves: We’re in this together. With that in mind, PREIT workers and tenants have been teaming with charities to support coronavirus relief efforts. At Woodland Mall in Grand Rapids, Michigan, PREIT employees and Feeding America West Michigan provided food for more than 400 families in need. Cecily McCabe, marketing director at Woodland Mall, with the help of the National Guard; Cosmic Candy Co.; Monica Sparks, Kent County Commissioner; Tricho Salon & Spa; Adolescent and Family Behavioral Health Services; and …

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