Coatesville, Pa. — Neuman Commercial Group has arranged the sale of Airport Village, a 70,500-square-foot shopping center located in Coatesville, roughly 45 miles west of Philadelphia. Tenants at the property, which was 87 percent occupied at the time of sale, include Aldi, Dollar Tree, Rite Aid, Burger King, Verizon and US Renal Care. Gil Neuman of Neuman Commercial Group represented the seller, Nassimi Realty of New York, in the transaction.
Southampton, Pa. — Five Below will open a 9,000-square-foot store at Southampton Shopping Center in Southampton, roughly 25 miles outside Philadelphia. The center is owned by ShopOne Centers REIT. Scheduled to open later this year, the brand will take over a space previously occupied by Tuesday Morning. Other tenants at the property include Giant Food, Pet Supplies Plus, Fine Wines and Spirits, Citizen’s Bank and Massage Envy.
Chambersburg, Pa. — Namdar Realty Group and the Franklin County Area Development Corp. (FCADC) have announced plans for the redevelopment of Chambersburg Mall, a 127-acre property located in Chambersburg. Plans include the development of a mixed-use property at the site. “The focus remains on creating a vibrant and versatile development that caters to the evolving needs of the community,” says Dan Dilmanian, chief operating officer of Namdar, which has engaged with the FCADC for seven years to explore possibilities for the redevelopment.
Scranton, Pa. — Dick’s Sporting Goods has opened a 90,000-square-foot House of Sport store at Viewmont Mall in Scranton. Dick’s House of Sport, which opened at the property earlier this month, is an experiential concept that offers putting greens, rock walls, batting cages and turf baseball fields, along with sports-related apparel and equipment for sale. PREIT is the landlord.
East Norriton, Pa. — JLL Capital Markets has brokered the $23.1 million sale of Dekalb Plaza, a 178,356-square-foot shopping center located in East Norriton, roughly 22 miles outside Philadelphia. Urban Air and Big Lots anchor the property, which was 98 percent occupied at the time of sale. Other tenants at the center include Goodwill, Chick-fil-A, Applebee’s, Sally Beauty and Celebree School. Christopher Munley, James Galbally, Colin Behr and James Graf of JLL represented the seller, Broad Street Realty, in the transaction. Abrams Realty & Development acquired the property.
Federal Realty Investment to Begin Third Phase of Redevelopment at Willow Grove Shopping Center in Metro Philadelphia
Willow Grove, Pa. — Federal Realty Investment Trust has announced plans for the third phase of redevelopment at Willow Grove Shopping Center in Willow Grove, roughly 30 miles outside Philadelphia. Phase III will include the addition of a six-story building offering 260 multifamily units and 20,000 square feet of street-level retail space, alongside a structured parking garage. The development will be located adjacent to an 18,000-square-foot multi-tenant retail building currently under construction. Work on the third phase is expected to begin in fall 2024. Existing tenants at the shopping center will …
Second Phase of 103,000-Square-Foot Entertainment Complex Opens at Willow Grove Park Mall in Pennsylvania
Willow Grove, Pa. — The second phase of construction for Tilted 10, an entertainment complex totaling 103,000 square feet, has been completed at Willow Grove Park Mall, a PREIT property located in Willow Grove. Tilted 10, a Nickles and Dimes Inc. concept, features bowling, games, golf courses, a shooting gallery, bumper car rink and laser tag arena. A full-service taco bar is also currently underway at the location.
James Balliet Property Group Arranges Sale of 225,000-Square-Foot Shopping Center in Quakertown, Pennsylvania
Quakertown, Pa. — Keller Williams Real Estate-The James Balliet Property Group has arranged the sale of Richland Plaza, a 225,000-square-foot shopping center located in Quakertown. Velocity Venture Partners acquired the property for $16.7 million. Tenants at the center, which is situated on 20 acres, include Wells Fargo, Ollie’s Bargain Outlet and Pearle Vision Center. James Balliet of James Balliet Property Group represented the seller, APS Associates, in the transaction. The buyer plans to redevelop the property.
New York City — The Necessity Retail REIT Inc. (RTL) has completed the sale of 44 properties leased to Bob Evans restaurants for a total $93 million. The restaurants are located in Kentucky, Indiana, Ohio, Michigan, Delaware, Pennsylvania, Virginia, West Virginia and Maryland. “With this sale, we have intentionally reduced our total portfolio exposure to fast casual dining to less than 2 percent from 4 percent, based on annualized straight-line rent,” says Michael Weil, chief executive officer of RTL.
Erie, Pa. — Matthews Real Estate Investment Services has brokered the $22 million sale of Northgate Commons, a 180,000-square-foot shopping center located in Erie. Tenants at the property, which was 95 percent occupied at the time of sale, include Quest Diagnostics, DaVita Dialysis, MedCare and Dollar General. Joseph Nelson of Matthews represented the seller, an undisclosed private investor, in the transaction.