A Chester County shopping center designed around Giant was sold for approximately $27 million by an affiliate of Lancaster-based High Real Estate Group, according to industry sources. The firm purchased the 154,219-square-foot Suburbia Shopping Center in Pottstown from East Norriton-based Gambone Management Co. The center is 85% leased and located at 80 Glocker Way, just… Read more »
A joint venture of ShopOne Centers REIT (New York), Pantheon (London), and a global institutional investor has acquired two open-air retail centers in Bucks County for a combined $28.9 million. The group purchased Goodnoe’s Corner in Newtown for $15.38 million and Village Center in Bensalem for $13.55 million. The sale was announced in March, with… Read more »
Less than five years after acquiring The Court at Cottman, Abrams Realty and Bock Development have listed the fully leased Northeast Philadelphia shopping center for sale following a major redevelopment. The joint venture purchased the former three-story Sears building in 2020 for $28.8 million and invested $24 million to transform the vacant space. The 224,000-square-foot… Read more »
As the sales of Montgomery Mall in North Wales, Neshaminy Mall in Bensalem, and Exton Square Mall in Chester County move forward, local developer Michael Markman recalls hearing “tons of chatter” about the fate of those struggling retail centers. But when it comes to the Franklin Mall, the silence is deafening. The future of the… Read more »
Philadelphia restaurant group Glu Hospitality has shut down, splitting its 16 locations across nine concepts among new owners and leaving vacant spaces across the city. Co-founder Derek Gibbons said the company grew too quickly during the pandemic, straining its finances. Founded in 2019 by Gibbons and Tim Lu, Glu also faced lawsuits, wage theft allegations,… Read more »
Giant is expanding its presence in the Philadelphia region with plans for a new 60,000 SF store at the Shoppes of Sadsbury in Chester County. Located at Route 30 and Route 10 in Parkesburg, this will be Giant’s 13th location in the county. Part of a 360,000 SF retail center developed by Villanova-based Provco Group,… Read more »
Philadelphia’s retail market showed signs of weakening as it approached 2025, with annual net absorption—reflecting the net change in occupied retail space—falling well below historical averages. However, despite this slowdown, the market remains relatively tight, particularly in the suburbs. Retail locations in Center City continue to face challenges due to reduced office occupancy, yet limited… Read more »
The King of Prussia Mall is nearing a deal to bring new retail and entertainment to the former JCPenney building. The 104,065-square-foot space, vacant since JCPenney closed in 2017, is on the mall’s north side. Mall owner Simon Property Group has considered multiple redevelopment options over the past eight years, including a hotel, office buildings,… Read more »
The fully leased Bensalem Shopping Center has been sold to a local private investor for $20.5 million, or $188 per square foot, according to industry sources. An entity affiliated with the Popli family acquired the 109,057-square-foot property from Philadelphia-based Empire Realty Investments Inc. The grocery-anchored center, located at 1903 Street Road, sits on a 9-acre… Read more »
TD Bank plans to close 38 branches across its footprint, including four in the Philadelphia region, amid massive penalties tied to U.S. anti-money laundering issues. The bank did not confirm whether the closures are part of recent cost-cutting efforts but stated it regularly evaluates its branch network to optimize service through a mix of physical… Read more »
