Burnham, Pa. — Northpath Investments has sold Lewistown Plaza, a 177,752-square-foot retail center located in Burnham. Axiom Realty acquired the property, which was 94 percent occupied at the time of sale. Weis Markets anchors the center, which features tenants including JCPenney, Dunham’s Sports, Geisinger Health and Citizens Bank. Bennett Williams represented Northpath in the transaction.
Philadelphia — City Avenue Center, a 20,220-square-foot shopping center located in Philadelphia, has sold for $24.6 million. Brad Nathanson, David Crotts and Dean Zang of Marcus & Millichap’s Institutional Property Advisors (IPA) arranged the sale on behalf of an undisclosed seller and secured the buyer, a Maryland-based family office. The center, which is shadow-anchored by Target, was fully leased at the time of sale. Tenants include Chipotle Mexican Grill, Verizon and Sleep Number. A PNC Bank outparcel also occupies the property.
Willow Grove, Pa. — Federal Realty Investment Trust has broken ground on the second phase of construction at Willow Grove Shopping Center, a 211,000-square-foot development located in Willow Grove. The second phase, which is scheduled for completion in the summer of 2023, will include the delivery of new dining and public amenities, as well as an 18,000-square-foot outparcel building.
Pittsburgh — JLL Capital Markets has arranged the sale of The Mall at Robinson, an 874,553-square-foot shopping center located in Pittsburgh. JLL represented the seller — an entity doing business as QIC US Management Inc. — in the transaction. Kohan Retail Investment Group purchased the property for $46 million. Dick’s Sporting Goods, Macy’s, JCPenney and a space formerly occupied by Sears anchor the retail center, which was 92.1 percent leased at the time of sale. David Monahan, Claudia Steeb, Cameron Pittman and Emerson Pierce of JLL brokered the sale.
Ardmore, Pa. — Kimco Realty has arranged leases with four new tenants at Suburban Square, a shopping center located in Ardmore, approximately 10 miles northwest of Philadelphia. Clothing retailers Addison Bay, Faherty and Veronica Beard and restaurant maman have opened storefronts at the center. These openings mark the first Pennsylvania locations for Addison Bay, maman and Veronica Beard. Originally established in 1928 and renovated in 2017, Suburban Square is also home to tenants including Apple, Trader Joes, SoulCycle and Lilly Pulitzer. Design with Reach, Custom Ink and Jenni Kayne are also …
Bryn Mawr, Pa. — Colliers has arranged the sale of Ferrari Philadelphia, a 41,311-square-foot car dealership located in Bryn Mawr, approximately 10 miles northwest of Philadelphia. The property comprises a 36,314-square-foot sales and service building and a 4,997-square-foot repair building across the street. An affiliate of Piazza Auto Group purchased Ferrari Philadelphia from an affiliate of RDS Automotive for an undisclosed price. Rich Weitzman of Colliers brokered the deal.
Trexlertown, Pa. — The Home Depot will open a 136,000-square-foot store at Macungie Crossing, a 182,000-square-foot shopping center that is under construction in the Lehigh Valley community of Trexlertown. New York City-based RD Management is developing the project, construction of which is underway and expected to be complete next summer. The Atlanta-based home improvement retailer now operates about 70 stores in Pennsylvania.
Pittsburgh — Northmarq has brokered the $7.1 million sale of a 13,575-square-foot restaurant building in downtown Pittsburgh. The freestanding building is located within the Southside Works development and is leased to The Cheesecake Factory, which has occupied the property since its original construction in 2004. Asher Wenig of Northmarq represented the buyer and seller — both of which are undisclosed New York-based firms — in the transaction.
Columbia, Pa. — Let’s Roll — a store specializing in the sale, service, and rental of electric bikes, scooters, and mopeds — has signed a lease at Riverview Terrace, a shopping center located in Columbia, approximately 90 miles west of Philadelphia. Let’s Roll will occupy 1,119 square feet of space at the 30,621-square-foot retail center. Nate Resh and Patten Mills of ROCK Commercial Real Estate brokered the lease agreement. This marks the second location for Let’s Roll, which previously opened a store in Lancaster City.
Pittsburgh —JLL Capital Markets has secured $74 million in financing for SouthSide Works, a 471,939-square-foot mixed-use development located in Pittsburgh. Nick Unkovic and Jeremy Bernstein of JLL arranged the financing — in the form of a six-year, floating-rate loan — with Dollar Bank on behalf of the borrower, SomeraRoad. SouthSide comprises five buildings and features 245,570 square feet of office space and 226,369 square feet of retail space. Tenants at the development include Fred Rogers Productions, COhatch, General Dynamics, LA Fitness, Pins Mechanical, Speckled Egg and Common Place Coffee, 1:11 …
