Pennsylvania

Company newsDevelopmentNewsPennsylvaniaRetailersVermont

Heidenberg Properties Group Redevelops Two Retail Properties in Pennsylvania, Vermont

by Alex Tostado

Hummelstown, Pa. and Berlin Vt. — Heidenberg Properties Group is redeveloping two retail properties in the midst of the coronavirus pandemic. The Closter, New Jersey-based owner and developer is working to redevelop Hershey Square Shopping Center in Hummelstown and Berlin Mall in Berlin. Anchor tenant Kmart vacated 107,000 square feet within Hershey Square in March 2019. Heidenberg Properties has been underway leasing the space with 10-year leases to multiple tenants, including Planet Fitness, TJ Maxx, Big Lots and Five Below. Additionally, Chipotle Mexican Grill will occupy space at a new …

Continue Reading
0 FacebookTwitterLinkedinEmail
Company newsNew JerseyNewsPennsylvaniaRestaurants

Papa John’s to Open 49 Stores in Philadelphia, Southern New Jersey by 2028

by Alex Tostado

Louisville, Ky. — Papa John’s International (NASDAQ: PZZA) has signed a store development agreement that will allow the Louisville-based pizza chain to open 49 new stores in the Philadelphia and Southern New Jersey areas between 2021 and 2028. Franchisee HB Restaurant Group, which currently owns and operates 43 Papa John’s locations in the mid-Atlantic, will also own and operate the new stores.

Continue Reading
0 FacebookTwitterLinkedinEmail
DevelopmentNewsPennsylvaniaRetailers

DSW Opens 15,616-Square-Foot Store at Fashion District Philadelphia

by Alex Tostado

Philadelphia — Designer Shoe Warehouse (DSW) has opened a 15,616-square-foot store at Fashion District Philadelphia, a shopping, dining and entertainment destination in the Center City neighborhood. DSW’s opening comes on the heels of the debuts of tenants such as Kate Spade Outlet and Industrious, as well as the re-openings of Candytopia and Wonderspaces. Pennsylvania Real Estate Investment Trust (PREIT) owns Fashion District Philadelphia.

Continue Reading
0 FacebookTwitterLinkedinEmail
Company newsNewsPennsylvaniaRetailers

Dick’s Sporting Goods Reports Record Earnings, 194 Percent Increase in E-Commerce Sales

by Alex Tostado

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 …

Continue Reading
0 FacebookTwitterLinkedinEmail
Investment salesNewsPennsylvaniaRetailers

JLL Negotiates Sale of 140,418-Square-Foot Columbus Crossing Retail Center in Philadelphia

by Alex Tostado

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.

Continue Reading
0 FacebookTwitterLinkedinEmail
Investment salesNewsPennsylvaniaRetailers

Adler Realty Acquires 67,215-Square-Foot Bensalem Crossing Retail Center Near Philadelphia

by Alex Tostado

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.

Continue Reading
0 FacebookTwitterLinkedinEmail
Company newsNewsPennsylvaniaRetailers

GNC Files for Chapter 11 Bankruptcy, Plans to Close Up to 1,200 Stores

by Alex Tostado

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 …

Continue Reading
0 FacebookTwitterLinkedinEmail
Company newsMallsNewsPennsylvaniaRetailers

PREIT to Reopen All Malls, Retail Centers Across Its Portfolio by July 4

by Alex Tostado

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 …

Continue Reading
0 FacebookTwitterLinkedinEmail
Company newsNewsPennsylvaniaRetailers

Five Below Reopens 90 Percent of Stores, Reports 44.9 Percent Decline in Net Sales in Latest Quarter

by Alex Tostado

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, …

Continue Reading
0 FacebookTwitterLinkedinEmail
Investment salesNewsPennsylvaniaRetailers

Colliers Brokers $4.5 Million Sale of Shopping Center in Bethlehem, Pennsylvania

by Alex Tostado

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.

Continue Reading
0 FacebookTwitterLinkedinEmail
Newer Posts
Older Posts