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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
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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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Grocery-anchoredInvestment salesNewsPennsylvania

FNRP Acquires 162,000-Square-Foot Richland Marketplace in Quakertown, Pennsylvania

by Hayden Spiess

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.

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Investment salesNewsPennsylvania

IPA Brokers Sale of 410,432-Square-Foot Shopping Center in Harrisburg, Pennsylvania

by Hayden Spiess

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.

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FinanceGrocery-anchoredNewsPennsylvania

Cronheim Mortgage Arranges $9 Million in Permanent Financing for Shopping Center in Metro Philadelphia

by Hayden Spiess

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.

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Investment salesNewsPennsylvania

JLL Capital Markets Arranges Sale of 298,719-Square-Foot Retail Center in Metro Philadelphia

by Hayden Spiess

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 …

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Company newsNewsPennsylvania

Crayola Experience to Open Five New Locations Through 2027

by Hayden Spiess

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 …

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LeasingMallsNewsPennsylvania

PREIT Welcomes New Tenants to Cherry Hill Mall in Metro Philadelphia

by Katie Sloan

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 …

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LeasingNewsPennsylvania

Whole Foods Market Opens 54,667-Square-Foot Store in Pittsburgh’s East Liberty Area

by Katie Sloan

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.

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