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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 …

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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 …

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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, …

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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.

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Investment salesNewsPennsylvaniaRetailers

Colliers Negotiates Sale of 41,179-Square-Foot Retail Property in Metro Philadelphia

by Alex Tostado

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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Company newsNewsPennsylvaniaRetailers

PREIT Launches ‘Shop Local’ Website to Highlight Small Businesses in its Portfolio

by Alex Tostado

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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Company newsPennsylvaniaRetailers

PREIT Partners with Local Charities to Support Local Coronavirus Efforts

by Alex Tostado

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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Investment salesNewsPennsylvaniaRetailers

Marcus & Millichap Arranges $11.9 Million Sale of Shops at Red Lion Retail Center in Philadelphia

by Alex Tostado

Philadelphia — Marcus & Millichap has arranged the $11.9 million sale of Shops at Red Lion, a 24,688-square foot retail property located in Philadelphia. Located at 10000-90 Roosevelt Blvd., the property was 100 percent leased at the time of sale to tenants such as Starbucks, Verizon and Dunkin’. Derrick Dougherty, Mark Krantz and Scott Woodard of Marcus & Millichap represented the seller, a limited liability company affiliated with Abrams Realty Development, in the transaction. The team also procured the buyer, a limited liability company controlled by David Adam Realty.

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Colliers Brokers Sale of 211,000-Square-Foot Former Macy’s Store in Bensalem, Pennsylvania

by Alex Tostado

Bensalem, Pa. — Colliers International has brokered the sale of a 211,000-square-foot retail property formerly occupied by Macy’s in Bensalem, a northeastern suburb of Philadelphia. The property is located within the Neshaminy Mall, a 1.2 million-square-foot shopping and dining destination that opened in 1968. The buyer, Sant Properties, plans to reposition the vacant box for multiple tenant spaces. The sales price was undisclosed.

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Investment salesNewsPennsylvaniaRetailers

GBT Realty Sells Dollar General Retail Portfolio in Pennsylvania for $36 Million

by Alex Tostado

Brentwood, Tenn. — GBT Realty Corp. has sold a 26-property retail portfolio leased to Dollar General for $36 million. The properties are located in various suburban areas throughout Pennsylvania. Each freestanding store features approximately 9,000 square feet of retail space, and all leases have between 12 and 13 years remaining. The stores sold for approximately $1.4 million each. Andrew Fallon of SRS represented the Brentwood-based seller, which developed the properties over the past two years, in the transaction. The buyer was a Virginia-based private investment group that was completing a …

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