Plymouth Meeting, Pa. — Norman’s Hallmark has opened a 7,280-square-foot store at The Metroplex in Plymouth Meeting. The store offers a complete line of Hallmark products, cards and Keepsake Ornaments, as well as apparel, accessories, books, stationery, games, home décor, candy and gourmet foods. Norman’s Hallmark currently operates in 75 locations.
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A&G to Sell 79 Rite Aid Leases in 11 States
Camp Hill, Pa. — A&G Real Estate Partners will market 79 Rite Aid store leases for sale, in its capacity as real estate advisor to the company, pending approval by the U.S. Bankruptcy Court for the District of New Jersey. Part of Rite Aid’s financial restructuring process, this marks the third tranche of leases to be sold and follows a set of 92 store leases that became available in November. Ranging from 5,502 to 31,468 square feet, the leases are located in 11 states, including California, Connecticut, Maryland, Michigan, New Jersey, …
Allentown, Pa. — Marcus & Millichap’s Institutional Property Advisors (IPA) has brokered the $17.8 million sale of Dorneyville Shopping Center, a 101,651-square-foot retail center located in Allentown. Aldi anchors the property, which was 86 percent leased at the time of sale. Brad Nathanson and JP Colussi of IPA represented the seller, Joshi Hotel Group, in the transaction. LS Property acquired the center.
Philadelphia —Matthews Real Estate Investment Services has arranged the $5.2 million sale of located in Philadelphia. Built in 2015 and situated on two acres, the property comprises 10,640 square feet. The center was fully occupied by Rise Dispensary and Fine Wine & Good Spirits at the time of sale. Alexander Machado, Daniel Gonzalez, Robert Goldberg and Ben Snyder of Matthews brokered the transaction.
Radnor, Penn. — JLL Capital Markets has brokered the $14.2 million sale of a shopping center located in Radnor, a northwest suburb of Philadelphia. Built in 2014, the property totals 17,884 square feet. Tenants at the center, which was fully leased at the time of sale, include Estia, Pietro’s, Honeygrow and Buena Onda. Jim Galbally, Chris Munley, Colin Behr, James Graf and Patrick Higgins of JLL represented the seller, Brandywine Realty Trust, in the transaction.
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Rite Aid to Sell 92 Store Leases
Camp Hill, Penn. — Rite Aid will sell an additional 92 store leases as part of its financial restructuring, pending approval by the U.S. Bankruptcy Court for the District of New Jersey. Ranging from 5,000 to 33,548 square feet, the stores are located in California, Maryland, Michigan, New Jersey, New York, Ohio, Pennsylvania and Washington. A&G Real Estate Partners, real estate advisor to the company, will broker the transactions in the form of private sales. The leases comprise the second tranche to be sold, and more leases are expected to be …
Flourtown, Pa. — Dim Sum Factory has signed a 2,824-square-foot lease at Flourtown Shopping Center in Flourtown, roughly 14 miles outside Philadelphia. Scheduled to open in spring 2024, the restaurant will be situated adjacent to the U.S. Post Office at the property. Federal Realty Investment Trust is the landlord.
Yardley, Pa. — Wegmans will open an 88,000-square-foot store in Yardley early next year. Situated within the Prickett Preserve development, the store is expected to employ more than 400 people. Wegmans was established in 1916 and currently operates 109 stores in seven states. The brand is also scheduled to open a store in Lake Grove, New York, next year.
Philadelphia — Philadelphia-based brand Bagels & Co. has announced plans to open 20 new stores throughout Florida and Pennsylvania. Scheduled to open by 2024, the shops will offer bagel and cream cheese varieties, as well as other deli fare. Restaurant group Glu Hospitality owns the brand, which currently operates four outposts in Philadelphia, with three new stores scheduled to open in the city this year. New locations will also include Fort Lauderdale and Wilton Manors in South Florida.
Philadelphia — Rite Aid Corp. (NYSE: RAD) has filed for Chapter 11 bankruptcy protection and has received financial commitments totaling roughly $3.4 billion from lenders to support business operations as the company works to restructure its debt. The Philadelphia-based pharmacy and convenience store chain did not say whether it would immediately close any stores as a direct result of this filing, just that it would continue “assessing its footprint and closing underperforming stores.” However, in September, The Wall Street Journal reported that Rite Aid had proposed to its creditors a restructuring …