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.
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.
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Necessity Retail REIT Sells 44 Bob Evans-Leased Properties for $93 Million
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.
Huntingdon Valley, Pa. —Prestige Group has arranged $42 million for the refinancing of The Marketplace at Huntingdon Valley, a 259,000-square-foot shopping center located on the northwestern outskirts of Philadelphia. Weis Markets and LA Fitness anchor the center, which was built on 49 acres in 1993. Other tenants include Starbucks Coffee, Fine Wine & Good Spirits, Bertucci’s, Rite Aid, Dunkin’ GNC and Hair Cuttery. Bob Cohen of Prestige Group arranged the financing, which consisted of a $25 million senior loan and a $17 million junior loan, through two undisclosed regional banks …
Jenkintown, Pa. — Prestige Group has arranged a $20 million loan for the refinancing of an 81,500-square-foot retail and office property in Jenkintown, a northern suburb of Philadelphia. The property comprises a 42,000-square-foot retail building occupied by LA Fitness, a 35,500-square-foot vacant office building and a 4,000-square-foot restaurant. Richard Natow of Prestige Group secured the loan through an undisclosed regional bank. The undisclosed borrower will use a portion of the proceeds to fund capital improvements.
Broomall, Pa. and Philadelphia — Federal Realty Investment Trust has signed four new tenants to shopping centers in metro Philadelphia. Dave’s Hot Chicken and Crave Cookies will open at Northeast Shopping Center in Philadelphia, leasing 2,995 and 1,279 square feet, respectively. Additionally, J. Crew Factory and Honeygrow will open locations at Lawrence Park Shopping Center, a retail center located in Broomall, roughly 30 miles outside Philadelphia. J. Crew will open a 4,150 square-foot-store and Honeygrow will occupy 1,999 square feet. All of the tenants are scheduled to open this year.
Philadelphia — Five Below is set to open stores at seven Simon-owned properties. Scheduled to open this year, the stores will include locations at Albertville Premium Outlets in Albertville, Minnesota; Pleasant Prairie Premium Outlets in Prairie, Wisconsin; Johnson Creek Premium Outlets in Johnson Creek, Wisconsin; Gaffney Outlet Marketplace in Gaffney, South Carolina; Indiana Premium Outlets in Edinburgh, Indiana; Pismo Beach Premium Outlets in Pismo Beach, California; and Pocono Premium Outlets in Tannersville, Pennsylvania. “Our relationship with Simon is core to continuing our national expansion efforts,” says George Hill, chief retail …
Conshohocken, Pa. — David’s Bridal LLC and some of its subsidiaries have filed voluntary petitions for relief under Chapter 11 of the U.S. Bankruptcy Code. Both the brand’s nearly 300 physical stores, as well as its online platforms, will remain open and operational, according to the company. The Conshohocken-based retailer is seeking customary “first-day” relief authorizations from the United States Bankruptcy Court for the District of New Jersey to continue payment of employee wages and benefits, maintain certain customer programs and honor vendor obligations. The company had previously filed for …
Harrisburg, Pa. — Marcus & Millichap has brokered the $4.7 million sale of Brandywine Plaza, a 44,241-square-foot shopping center located in Harrisburg. The property was fully leased to 21 tenants at the time of sale. Craig Dunkle and Mher Vartanian of Marcus & Millichap represented the seller. Dunkle and Vartanian also secured and represented the buyer, an undisclosed developer.