Glen Mills, Pa. — Aesthetics and wellness concept VIO Med Spa has signed a lease at Glen Eagle Square, a shopping center located in Glen Mills. Scheduled to open at the property in the fourth quarter of this year, the tenant will occupy 1,995 square feet adjacent to Currie Hair and Skin and Nails. Whole Foods Market anchors Glen Eagle Square, which totals 152,000 square feet.
Downingtown, Pa. — BWE has arranged $45 million in first mortgage financing for Brandywine Square Shopping Center, a 607,999-square-foot retail center located in Downingtown, roughly 40 miles outside Philadelphia. Kevin Hicks of BWE secured the financing through a life insurance company on behalf of the borrower, Allied Properties. Wegman’s anchors the property. Other tenants at the center include BJ’s Wholesale, Dick’s Sporting Goods, DSW, PetSmart, Regal Cinema and Best Buy.
Bellefont, Pa. — Marcus & Millichap has arranged the $10.1 million sale of a retail building located in Bellefont. Giant Food occupies the property, which was constructed in 2022 as part of Paradise Shopping Center, on a net-lease basis. Dean Zang, Brad Nathanson and David Crotts of Marcus & Millichap represented the seller, a Pennsylvania-based developer, in the transaction. JRW Realty represented the buyer, an affiliate of Exchange Right.
Fayetteville, Ark. — Arkansas-based fast-casual brand Slim Chickens has signed a franchise deal for 12 units in the state of Pennsylvania. Plans include the addition of restaurants in the counties of Lancaster, Lebanon, Dauphin, York, Cumberland, Centre, Franklin, Mifflin, Juniata, Perry and Adams. PSMMSM PA Ventures, also a Dunkin’ Donuts franchisee, will own and operate the new units.
Center Valley, Pa. — Specialty sports retailer Rally House has signed a 5,903-square-foot lease at Promenade Saucon Valley, a shopping center located in Center Valley. Scheduled to open this summer, the store will be located between Barnes & Noble and J.Crew Factory. Other recently added tenants at the property include Five Guys Burgers & Fries, The Great Greek Mediterranean Grill, Club Champion, Fulton Bank, FD Market, Turning Point, Handmade Mystic and Lashses by Gab.
Warrendale, Pa. — Rue21, an apparel and accessories retailer based in the Pittsburgh area, has filed for bankruptcy and will close all its stores in the coming months, according to reports from multiple news organizations such as CNN, Reuters and The Business Journals. All three of those media outlets report that this is the third bankruptcy filing in the history of Rue21, which operates about 540 stores nationwide, down from more than 1,000 at the height of its existence. Following Rue21’s 2017 bankruptcy filing, the company closed some 400 stores. The retailer also shed about …
Center Valley, Pa. — Five Guys Burgers & Fries will open a 2,407-square-foot restaurant at Promenade Saucon Valley — formerly known as The Promenade Shops at Saucon Valley — in Center Valley. Scheduled to open this fall, the store will be situated between tenants European Wax Center and uBreakiFix. Five Guys’ portfolio currently includes more than 1,700 restaurants globally.
Philadelphia — PREIT Realty has completed a financial and corporate restructuring. This marks the company’s emergence from bankruptcy — it initially filed for Chapter 11 bankruptcy protection in December 2023, with the company’s creditors agreeing to a “prepackaged” bankruptcy. The Philadelphia-based company owns and operates malls in New Jersey, Pennsylvania, Massachusetts, Maryland, Virginia, Michigan, North Carolina and South Carolina, in addition to properties in the multifamily, hotel and healthcare sectors. PREIT reduced its total debt by roughly $835 million through a previously announced reorganization plan and received commitments of approximately $130 …
Horsham, Pa. — First National Realty Partners (FNRP) has acquired Elements Horsham, a 50,353-square-foot retail property located in Horsham, roughly 25 miles north of Philadelphia. The property was 94 percent leased at the time of sale to tenants including Starbucks Coffee, MaGerk’s Pub & Grill, Aqua-Tots Swim School, TruMark Financial and Charles Schwab. James Galbally, Patrick Higgins, Chris Munley and Colin Behr of JLL represented the undisclosed seller in the transaction.
Yardley, Pa. — Wegmans has opened a new 88,000-square-foot store in Yardley. Situated within Prickett Preserve, the store offers prepared foods, wine and beer, in addition to groceries. This marks the nineteenth location in the state for the brand, which now has a portfolio of 111 stores.