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 »
Paying homage to Willow Grove Park’s roots as an amusement park, indoor family entertainment center Tilted 10 and Tilt Studio will be opening in the former J.C. Penney space at the Montgomery County, Pennsylvania, mall in 2022. The entertainment center, operated by Texas-based Nickels and Dimes Inc., will span two floors and occupy the entire… Read more »
JPMorgan Chase & Co. said it will exceed the promised 50 retail branches coming to the region. The nation’s largest bank entered the Philadelphia retail banking world in September 2018 when CEO Jamie Dimon visited Philadelphia to announce plans to open to 50 locations within five years. Three years later, Chase (NYSE: JPM) has already opened 41… Read more »
Philadelphia-based car wash membership startup EverWash raised $5 million to continue its explosive growth and hire more staffers. The debt deal is with Flow Capital, a Toronto investor that specializes in “emerging growth” companies. EverWash can take an additional $2 million over the next two years. The funding will be used to hire new employees… Read more »
Amazon plans to hire thousands of workers in the Philadelphia region as the retail giant accelerates its rapid expansion across the area. The company announced Tuesday that it was seeking nearly 4,800 employees in the city and surrounding counties, part of a nationwide plan of hiring 125,000 people. The warehouse jobs come with an average starting… Read more »
Bankroll Club — a novel, tech-based sports and entertainment center with a Stephen Starr restaurant — is planning to occupy the Chestnut Street building that once housed the landmark Boyd Theater. A liquor-license application was recently posted on the building at 1910 Chestnut St., as noted on the Philadelphia Industrial HeritageFacebook group. A sign application… Read more »
Blackstone, a New York investment firm, has paid $78 million for Northeast Tower Center, a 301,208-square-foot retail property in Philadelphia, according to those familiar with the transaction. Paramount Realty Services Inc. of Lakewood, New Jersey, sold the center at 4640 Roosevelt Blvd. It is anchored by a 119,388-square-foot Walmart and counts Staples, Ross Dress for… Read more »
