PAULSBORO, N.J., AND PHILADELPHIA — Metro Commercial Real Estate has brokered leases for four new Save-A-Lot locations in Philadelphia and Paulsboro. Michael Murray of Metro Commercial represented Save-A-Lot in the following leases: 2101 W. Lehigh Ave., Philadelphia, at Hope Plaza Shopping Center. The 17,500-square-foot store will open this spring. 545 W. Broad St., Paulsboro, at Paulsboro Plaza Shopping Center. The 17,795-square-foot store will open this spring. 400 W. Allegheny Ave., Philadelphia. The 16,338-square-foot store will open this summer. 6301 Chew Ave., Philadelphia. The 18,425-square-foot store opened March 9.
WARRENDALE, PA. — Teen clothing retailer rue21 is set to close about one-third of its stores nationwide as it shifts its focus to e-commerce. The privately held company will shutter 400 stores, according to reports by The Associated Press, leaving more than 700 rue21 locations in 48 states. The retailer confirmed upcoming closures in a Facebook post, stating that “it was a difficult but necessary decision.” A spokeswoman for rue21 recently alluded to the retailer’s unfavorable financial state, according to reports by Women’s Wear Daily. The decision to shrink the company’s store footprint comes about two weeks after entering into forbearance agreements with lenders in order to stave off a default. In 2002, the company filed for bankruptcy under its former name — Pennsylvania Fashions Inc. It emerged under the name rue21 the following year. The company, based in the Pittsburgh suburb of Warrendale, didn’t say how soon the stores would close. Rue21 took to Facebook, once again, to explain to customers that they could search for stores near them on the company’s “Store Locator” page. Those set to close will show a “Closing Store” label above the address. Rue21 is the latest retailer to struggle amid the expansion of …
PHILADELPHIA — Metro Commercial Real Estate has brokered leases for six small-format Target stores in Philadelphia. The company’s Steve Niggeman and Tom Londres represented Target in the following leases: Lincoln Square: Store opening in October 2018 at 1000 S. Broad St. Alterra Property Group and Kimco Realty Corp. will be the owners of the 36,000-square-foot location. Northern Liberties: Store opening in July 2018 at 456 N. 5th St. Alliance Partners HSP will own the 47,000-square-foot location. Ivy Ridge Shopping Center: Store opened in March at 7162 Ridge Ave. Brixmor Property Group owns the 47,000-square-foot location. 2100 Pennsylvania Ave.: Store opening in October. Range Properties will own the 32,000-square-foot location. 1122-28 Chestnut St.: Store opened in July 2016. Brickstone Co. owns the 19,000-square-foot location. 1900-06 Chestnut St.: Store opened in October 2016. Pearl Properties owns the 23,000-square-foot location.
WHITEHALL, PA. — Derek Zerfass of Colliers International’s Allentown office represented BB&T in the $1.2 million sale of a 3,061-square-foot former bank branch building at 2545 Mickley Ave. in Whitehall. The building will be demolished to make way for a Wendy’s restaurant. Steve Clipman of ROCK Commercial Real Estate represented the buyer.
SPRING HOUSE, PA. — MRA Group has acquired the former Rohm & Haas research and development campus located at 727 Norristown Road in the Philadelphia suburb of Spring House. Now known as the Spring House Technology Park, the complex spans 591,000 square feet across 11 buildings. The 133-acre campus is located near the Fort Washington exit of the Pennsylvania Turnpike. MRA will renovate the park to include office and laboratory facilities, a hotel, co-working space, on-site daycare, a gym and a 40,000-square-foot retail village. The property was initially acquired in 1962 by Rohm & Haas Co. and developed into Spring House Technical Center, a research and development campus. The existing buildings were constructed between 1963 and 1995, with 75 percent dedicated to laboratory use and the rest used for offices. The Dow Co. acquired Rohm & Haas in 2012, and by 2015 Dow relocated its employees to a new facility in Collegeville, Pa. In 2015 MRA Group entered into discussions with Dow to acquire the property in its entirety, with closing occurring in late March 2017.
TREVOSE, PA. — CBRE has arranged the sale of a Class A office building located at 1150 Northbrook Dr. in Trevose. Red River Asset Management, Advalurem Group and Lincoln Property acquired the four-story, 107,742-square-foot property. Robert Fahey, Jerry Kranzel and Erin Hannan of CBRE represented the seller, Rubenstein Partners, during the transaction. Built in 2007, 1150 Northbrook features a two-story atrium lobby and a glass curtain wall. The property, which is located near Neshaminy Mall, is 85 percent leased to tenants including Gamesa, Office of the Comptroller (U.S. Department of the Treasury) and Bracket Global.
PLYMOUTH MEETING, PA. — Legoland Discovery Center Philadelphia has opened at Plymouth Meeting Mall in Plymouth Meeting, a suburb of Philadelphia. The attraction is a first-to-portfolio tenant for Pennsylvania Real Estate Investment Trust (PREIT), a publicly traded real estate investment trust focused on retail properties. Legoland Discovery Center is the only Legoland location in Pennsylvania and the ninth nationally. The 33,000-square-foot attraction features a LEGO-themed ride, cinema and miniature replica of landmarks in Philadelphia. It complements tenants at Plymouth Meeting Mall including Whole Foods Market and Dave & Buster’s.
KING OF PRUSSIA, PA. — A new Saks Fifth Avenue OFF 5TH retail store will open on April 6 in metro Philadelphia. The 42,000-square-foot store will be located at the Overlook at King of Prussia. The store will include more than 800 brands offering luxury designer fashion.
KING OF PRUSSIA, PA. — CBRE has brokered the sale of the Triad office building in King of Prussia for $30.2 million. Zamir Equities purchased the four-story, 184,118-square-foot property, which is located at 2200 Renaissance Blvd. Robert Fahey, Jerry Kranzel and Erin Hannan of CBRE represented the seller, Kairos Real Estate Partners. Built in 1985, the Triad building underwent renovations in 2014 including the addition of a café, conference center and fitness center. The lobbies and common areas were also redesigned and upgraded. The building is 96 percent leased with tenants including Liberty Mutual Insurance Co., ASI Business Solutions and Telerx Marketing. CBRE’s Steven Doherty and Nick Harris secured an acquisition loan on behalf of the purchaser; the amount of the loan was not disclosed.
KING OF PRUSSIA, PA. — Cronheim Hotel Capital has secured $12 million in financing for a Holiday Inn Express & Suites in King of Prussia, a suburb of Philadelphia. The 10-year, non-recourse CMBS loan includes a fixed interest rate.