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Cedar Realty Trust Underway on 18,000-Square-Foot Retail Redevelopment Project Philadelphia

by Alex Tostado

Philadelphia — Cedar Realty Trust is underway on construction of Fishtown Crossing, a retail redevelopment project in the Olde Richmond neighborhood of Philadelphia. The project will convert a shopping center formerly known as Port Richmond Village into an 18,000-square-foot neighborhood center. The property currently houses more than 20 tenants, including grocer IGA,  GNC and Kicks USA. Starbucks and 1950s-themed diner Nifty Fifty’s have preleased space at the new center. Construction of Fishtown Crossing is slated for completion by early 2021.

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DevelopmentNewsPennsylvaniaRestaurants

Victory Brewing Co. to Open 14,000-Square-Foot Brewery, Taproom in Philadelphia

by Alex Tostado

Philadelphia — Victory Brewing Co. will open a 14,000-square-foot brewery and taproom in the Logan Square neighborhood of Philadelphia’s Center City. The facility will feature a production brewing system, kitchen, three bars, street-level outdoor seating and a rooftop patio. Victory’s first location in Downingtown opened in 1996, and the company operates two other locations in Parkesburg and Kennett Square. The Philadelphia brewery will function as a new flagship taproom as well as an innovation hub for new beers. Local development firm Pearl Properties owns the building, and Gerner Kronick + Valcarcel …

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DevelopmentNewsPennsylvaniaRetailers

PREIT, Macerich to Open 900,000-Square-Foot Fashion District Philadelphia on Thursday

by Alex Tostado

Philadelphia — On Thursday, Sept. 19, a joint venture between PREIT and Macerich will launch Fashion District Philadelphia, a 900,000-square-foot retail district housing dozens of shopping, dining and entertainment destinations. The $400 million project is a redevelopment of the old Gallery mall. A range of clothing and accessory retail options include Aeropostale, Burlington, Columbia and ULTA. The Fashion District will also house coworking spaces from REC Philly and Industrious. Other notable anchors of the district include City Winery, AMC Theaters, rotating art installation Wonderspaces, Market Eats food hall, mini theme …

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FinanceGrocery-anchoredNewsPennsylvaniaRetailers

Meridian Capital Arranges $9.8 Million Acquisition Loan for Shopping Center in York, Pennsylvania

by Alex Tostado

York, Pa. — Meridian Capital Group and an affiliate of CBRE have arranged a $9.8 million acquisition loan for Two Guys Commons, a 110,000-square-foot, five-tenant retail center in York. The 10-year CMBS loan features a 3.9 percent fixed interest rate and three years of interest-only payments. Two Guys Commons was fully leased at the time of the acquisition to anchor tenant Aldi, Ashley Furniture HomeStore, Tractor Supply Co., Old Country Buffet and Crunch Fitness. Bryan Kallenberg, and Meyer Ovadia of Meridian represented the borrowers, RW Capital Partners Inc. and Vastgood …

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Grocery-anchoredInvestment salesNewsPennsylvaniaRetailers

JLL Brokers Sale of 70,378-Square-Foot Grocery-Anchored Retail Center in Bensalem, Pennsylvania

by Alex Tostado

Bensalem, Pa. — JLL has arranged the sale of Bensalem Square, a 70,378-square-foot retail center in Bensalem, a northeastern suburb of Philadelphia. Redner’s Markets grocery store anchors the property. The center also houses tenants in the restaurant, service and medical sectors. Chris Munley, James Galbally and Colin Behr of JLL represented the seller, Brixmor Property Group, in the transaction. LS Property Investment was the buyer.

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Investment salesNewsPennsylvaniaRetailers

Middletown Income Purchases Walmart-Anchored Retail Property in Cranberry, Pennsylvania, for $14.1 Million

by Alex Tostado

Cranberry, Pa. — Middletown Income Investors Cranberry LLC has purchased a single-tenant retail property in Cranberry, a northern suburb of Pittsburgh, for $14.1 million. A 24-hour Walmart Supercenter has fully occupied the property since 1999, and the retailer recently signed a 10-year lease extension. Patrick Luther of SRS, Phil Sambazis of Marcus & Millichap, along with Jeff Christian and Ryan Morita of First Street Brokerage, represented the seller, ACV Cranberry LLC, in the transaction. Zackary Hilgendorf of Quantum Real Estate Advisors represented Middletown.

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DevelopmentGrocery-anchoredNewsPennsylvaniaRetailers

PMC Breaks Ground on 65,000-Square-Foot GIANT Food Store in Philadelphia

by Alex Tostado

Philadelphia — PMC Property Group, a Philadelphia-based developer, has broken ground on a 65,000-square-foot flagship store for GIANT Food Stores in Philadelphia. Located within the Gensler-designed Riverwalk mixed-use project, the store will offer more than 600 varieties of fresh and local produce, as well as curbside pickup and delivery services. The store is slated to open by fall 2020.

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Company newsMallsNewsPennsylvaniaRetailers

GNC to Close Up to 900 Stores by End of 2020; Retail Analyst Offers Insight

by Alex Tostado

Pittsburgh — The vitamin and health supplement niche of the brick-and-mortar retail market continues to experience intense competitive pressure, observes veteran retail consultant Jeff Green. So it came as no surprise to Green when GNC Holdings Inc. (NYSE: GNC) officials revealed in a second-quarter earnings call earlier this week that it will shutter up to 900 stores in North America by the end of 2020. “It used to be that specialty health supplements were only found in specialty stores such as GNC, Vitamin Shoppe and other regional chains,” says Green, …

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DevelopmentEntertainmentNewsPennsylvaniaRestaurants

City Center Investment Corp. to Open 12,000-Square-Foot Food Hall in Allentown This Fall

by Alex Tostado

Allentown, Pa. — City Center Investment Corp. plans to open Downtown Allentown Market, a $4 million project in Allentown. The 12,000-square-foot retail space will be located within the City Center Allentown mixed-use development. The market will feature nine food and drink merchants, indoor and outdoor seating and flexible space for programming and pop-up shops. Brick-and-mortar tenants include sushi/poke concept Shinsen; Mediterranean restaurant Zahra; ice creamery Batch Microcreamery; Little Miss Korea; Doughnut Love, Licensed to Grill @ The Market; and Tavola pizzeria. The food hall will also house a distillery. City …

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FinanceNewsPennsylvaniaRetailers

JLL Arranges Financing for Leasehold Interest in 186,000-Square-Foot Retail, Office Building in Philadelphia

by Alex Tostado

Philadelphia — JLL’s Capital Markets group has arranged an undisclosed amount of permanent financing on behalf of Alliance Partners HSP, which owns the leasehold interest in the SoNo commercial building in Philadelphia. Located at 456 N. Fifth St., the 186,000-square-foot former warehouse property was fully leased at the time of the loan closing to tenants such as Yards Brewing Co. (70,000 square feet), the City of Philadelphia Archives Dept. (68,000 square feet) and Target (48,000 square feet). Tristate Capital Bank provided the loan to Alliance, which acquired the property in …

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