Pennsylvania

Center Valley, Penn. — J.Crew Factory has signed a 5,094-square-foot lease at The Promenade Shops at Saucon Valley, an open-air shopping center located in Center Valley. Scheduled to open this spring, the store will be situated between Francesca’s and Barnes & Noble. Other tenants at the property include Club Champion, Handmade Mystic, FD Market and Turning Point. 

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Pittsburgh — The Fresh Market will open a 32,131-square-foot store in Pittsburgh’s East Liberty neighborhood. The building was originally constructed in 2002 for Whole Foods Market, which vacated the space in 2022 for a larger store on nearby Penn Avenue. Herky Pollock of CBRE represented the undisclosed landlord in the lease negotiations. Brian Kerr of Hanna Langholz Wilson Ellis represented the tenant. The store will be Fresh Market’s first in Pittsburgh.

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Toronto, Canada and Washington, D.C. — Avison Young has entered into an agreement to acquire Madison Marquette’s retail platform for an undisclosed price. The acquisition will include the Washington, D.C.-based firm’s retail property management, marketing and leasing services throughout the U.S.; and a portfolio comprising more than 6.1 million square feet of properties managed and leased by Madison Marquette. Madison Marquette teams will integrate with those of Toronto, Canada-based Avison Young in Los Angeles, New Jersey, Philadelphia, Indiana, Arkansas, Maryland, Virginia, Atlanta and Florida, and the acquisition expands Avison Young’s presence …

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Harrisburg-Mall

Harrisburg, Pa. — St. John Properties Inc. has unveiled plans for the redevelopment of Harrisburg Mall, a 1 million-square-foot regional mall located in the Swatara Township section of Dauphin County. The company plans to build Swatara Exchange, a mixed-use development consisting of multi-use commercial space and supporting inline retail and retail pad sites. The mall will undergo an extended demolition program that is expected to conclude in 2025. The existing Bass Pro Shops and Applebee’s Grill + Bar restaurant will remain operational, and the former Toys ‘R’ Us building will be …

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Willow Grove Park

Philadelphia — PREIT (OTCQB: PRET), a mall REIT giant based in Philadelphia, has filed for Chapter 11 bankruptcy protection. The “prepackaged” bankruptcy was agreed to ahead of time by PREIT’s creditors, which will shorten the duration of the company’s bankruptcy proceedings. PREIT expects it will be able to emerge from bankruptcy by early February 2024. PREIT owns and operates 18 malls in New Jersey, Pennsylvania, Massachusetts, Maryland, Virginia, Michigan, North Carolinaand South Carolina. The company has also expanded in recent years to the multifamily, hotel and healthcare sectors. According to PREIT’s third-quarter financial …

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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-and-G-Rite-Aid

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, …

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Dorneyville-Shopping-Center_Allentown-Pa

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. 

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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. 

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200-N.-Radnor-Chester-Rd_Radnor-Penn

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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