An entity affiliated with Centrum Partners of Chicago sold for $10.8 million a 10,000-square-foot retail condominium leased on a long-term basis to CVS Pharmacy in the Old City neighborhood of Philadelphia. It bought the commercial condo at 259 Market St. in 2015 for $10 million. The buyer this time around is a Lafayette, Indiana, entity… Read more »
Philadelphia restaurant owners are trying to determine how the new citywide Covid-19 vaccination mandate for indoor dining will impact operations after local officials announced the policy on Monday morning. For months, Philadelphia eateries could choose either checking guest vaccination cards or requiring masks when not eating or drinking. But starting Jan. 3, local restaurants must require… Read more »
The Philadelphia region will see a wave of new sports bars in the coming years as Twin Peaks, a lodge-style restaurant with wall-to-wall TVs and an all-female waitstaff, embarks on its first expansion to the Northeast. Known for its rugged atmosphere and savory, made-from-scratch menu, Twin Peaks was founded in the Dallas suburbs in 2005… Read more »
United Hampshire U.S. Real Estate Investment Trust, a Singaporean real estate firm that invests in grocery-anchored retail centers, paid $52 million for Penrose Plaza, a 258,494-square-foot property in South Philadelphia. The sale of Penrose Plaza joins other recently traded grocery-anchored shopping centers. For example, Red Lion Plaza, a roughly 240,000-square-foot shopping center at Red Lion… Read more »
A Dallas-based leisure and entertainment business operator is bringing an expansive golf concept to the rapidly developing area along the border of Philadelphia’s Fishtown and Olde Kensington neighborhoods. Drive Shack Inc. (NYSE: DS), whose portfolio consists of entertainment concepts American Golf, Drive Shack and Puttery, is planning a 20,000-square-foot venue at 1400 N. Howard St.,… Read more »
Barstool Sports, the digital media company founded by David Portnoy and backed by Wyomissing-based Penn National Gaming, announced on Instagram Thursday that “ground has been broken” on a Philadelphia sports bar that would open soon. This Barstool Sports Bar — much like Bankroll Club, a sports bar now under construction on the site of the… Read more »
Kohan Retail Investment Group of Great Neck, New York, has purchased Montgomery Mall in a foreclosure sale for $55 million. The sale price is 95% of the property’s appraised value as of August of $57.5 million. In 2014, the mall had been appraised at $195 million, or $176 a square foot. A Montgomery County Court of Common… Read more »
A new 32,000-square-foot Heirloom Market at 801 Market St. in Philadelphia is one of three stores Giant Co. is scheduled to open in the region in December. It will join a new store at 1403 S. Christopher Columbus Blvd. in Philadelphia, and a new location in Doylestown, and combined, the three will employ nearly 500… Read more »
Red Lion Plaza, a roughly 240,000-square-foot shopping center at Red Lion Road and Roosevelt Boulevard in Northeast Philadelphia, has been sold for $56.45 million. Finmarc Management Inc. and KPR sold the center. The buyer was affiliated with the Propp family from New York. The center at 9950 Roosevelt Blvd. was 97% occupied at the time… Read more »
Las Vegas restaurant chain Sugar Factory American Brasserie is taking over the former Porta space in Center City. Sugar Factory is known for over-the-top offerings like sliders with rainbow buns; “insane milkshakes” served in chocolate-covered mugs and decked out with sweets like candy necklaces, candy bars and cookies; and a 24-scoop King Kong Sundae topped with marshmallows,… Read more »
