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Pennsylvania

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Company newsFinanceNewsPennsylvania

PREIT Completes Financial Restructuring 

by Hayden Spiess

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 …

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Investment salesNewsPennsylvania

FNRP Acquires 50,353-Square-Foot Retail Property in Metro Philadelphia

by Hayden Spiess

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.

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Investment salesNewsPennsylvania

Kislak Brokers $4.6 Million Sale of Retail Center in Pennsylvania 

by Hayden Spiess

Harrisburg, Pa. — The Kislak Co. has brokered the $4.6 million sale of Uptown Plaza, a 156,066-square-foot retail center located in Harrisburg. Built in 1957 on 14 acres, the property features 30 storefronts. Tenants at the center include H&R Block, Metro PCS, McDonald’s and Save-a-Lot. Robert Holland and Barry Waisbrod of Kislak arranged the sale on behalf of the seller, Town Associates. America’s Realty purchased the property.

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Marcus & Millichap Arranges $7 Million Sale of Shopping Center in Parkesburg, Pennsylvania

by Hayden Spiess

Parkesburg, Pa. — Marcus & Millichap has arranged the $7 million sale of Parkesburg Shopping Center, a 53,319-square-foot retail center located in Parkesburg, roughly 50 miles west of Philadelphia. Grocery Outlet and Planet Fitness anchor the 7.7-acre property, which recently underwent a capital improvement program. Other tenants include the U.S. Post Office and Dollar General. Joseph French Jr. and Kodi Traver of Marcus & Millichap represented the seller and procured the buyer in the transaction. 

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DevelopmentNewsPennsylvania

Bass Pro Shops to Open 100,000-Square-Foot Outdoor World Store Near Pittsburgh

by Hayden Spiess

South Fayette Township, Pa. — Bass Pro Shops will open a 100,000-square-foot Outdoor World store in South Fayette Township, roughly 15 miles outside Pittsburgh. Upon completion, the store will comprise two levels and feature a gift and nature center, in addition to outdoor gear and apparel. The store, which is scheduled to open in early 2026, will mark the third in the state for the company. 

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DevelopmentEntertainmentNewsPennsylvania

Comcast Spectator, Cordish Cos. to Implement $12 Million Renovations at Xfinity Live! Development in Philadelphia

by Hayden Spiess

Philadelphia — Comcast Spectator and The Cordish Cos. plan to implement $12 million in renovations at Xfinity Live! in Philadelphia. The property is situated within The Philadelphia Sports Complex. Originally developed by the companies in 2012, the development features restaurant and entertainment space, with tenants including Broad Street Bullies Pub, PBR Philly, 1100 Social, Victory Beer Hall, Chickie’s and Pete’s, Geno’s Steaks and Lorenzo and Sons Pizza. Planned upgrades at the property include both interior and exterior improvements and the addition of new gathering areas and terraces. Construction is scheduled to …

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Investment salesNewsPennsylvania

Marcus & Millichap Brokers $12.5 Million Sale of Parkway Shopping Center in Allentown, Pennsylvania

by Hayden Spiess

Allentown, Pa. — Marcus & Millichap has brokered the $12.5 million sale of Parkway Shopping Center, a 133,314-square-foot retail center located in Allentown. Colin Reder, Derrick Dougherty and Scott Woodard of Marcus & Millichap arranged the sale on behalf of the undisclosed seller. Neil Campbell and Ian Nordfors of IPA Capital Markets, a division of Marcus & Millichap, secured debt financing on behalf of the buyer. Metro Commercial and KW Commercial will continue to manage and lease the property on behalf of the new ownership. 

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FinanceNewsPennsylvania

DRA, KPR Secure $55 Million Refinancing for Quartermaster Plaza in Philadelphia

by Hayden Spiess

Philadelphia — A partnership between DRA Advisors and KPR has secured a $55 million loan for the refinancing of Quartermaster Plaza, a 456,208-square-foot shopping center in Philadelphia. Built in 2004, the property was 99 percent leased at the time of financing. Tenants at the center, which the partnership acquired from Cedar Realty Trust in 2022, include BJ’s Wholesale Club, The Home Depot, Sprouts Farmers Market, Bank of America, Wendy’s, Walgreens, PetSmart and Planet Fitness. Michael Gigliotti, James Galbally, Michael Pagniucci and Blaine Fleming of JLL arranged the financing on behalf of …

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Architecture and DesignColoradoDevelopmentFloridaNewsPennsylvaniaTexas

PNC Bank to Invest $1 Billion to Add 100 New Branches, Renovate 1,200

by Hayden Spiess

Pittsburgh — PNC Bank plans to invest approximately $1 billion to open more than 100 new branches and renovate 1,200 existing locations by 2028. Expansion plans call for new locations in key cities such as Austin, Dallas, Denver, Houston, Miami and San Antonio, among others, to establish a coast-to-coast network. According to PNC Bank, the goal of the renovations is to create a better customer experience when conducting transactions or meeting with bankers to discuss financial goals. PNC Bank is a member of The PNC Financial Services Group Inc. (NYSE: PNC), …

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