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.
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 …
Boothwyn, Pa. — JLL Capital Markets has brokered the sale of Larkin’s Corner, a 225,214-square-foot retail center located in Boothwyn. Acme Grocery anchors the property, which was 99 percent leased at the time of sale. Other tenants at the center include McDonald’s, TD Bank and Dollar Tree. Chris Munley, Jim Galbally, Colin Behr, James Graf and Patrick Higgins of JLL represented the seller, Site Centers, in the transaction.
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.
