R etail D evelopment R eimagined

M id A tlantic Real Estate Journal — Retail Development Reimagined — March 27 - April 9, 2020 — 5A


ENSALEM, PA — On behalf of client Kin Properties , the Col- Dark box brightens with proposed redevelopment plan Sussman and Kieserman of Colliers retail finalizes sale of former Macy’s Neshaminy Mall B

liers retail t e a m o f Todd Suss- man and Jon Kieser- man , have r e c e n t l y sold the for- mer Macy’s at the Ne- s h a m i n y M a l l , a 211,000 sf dark anchor with a bright plan for the future. The C o l l i e r s t e am h a s

Todd Sussman

Conceptual Marketing Rendering (Photo Credit: Colliers)

Former Macy’s at the Neshaminy Mall

The new owner has recon- ceived the vacant box as a mix of large floor plate opportunities, new exterior facing small retail and/or restaurant tenants along with several new outparcels offering the potential to court statement restaurant operators to the mall complex. Flexible zoning allows for multiple uses that would encourage, fitness, entertainment, office and more with Colliers marketing the building and pad sites either for purchase, ground lease or build to suit. “We are excited to be an integral part of the redevelop-

ment of this parcel. The 16 acres and the former Macy’s box will certainly be the key to transforming one of the most strategically placed malls in the Tri-state area” said Todd Suss- man, senior managing director with Colliers Retail. Neshaminy Mall has long been considered a standout location of the region not only for the strong population demo- graphics of Bucks County that retailers desire but as an ex- tremely accessible regional des- tination. Located just minutes from downtown Philadelphia at one of the busiest intersections

this year. “As a Chesapeake native, I am excited about the prog- ress thus far and am espe- cially pleased to report that Summit Pointe’s Phase Two is on schedule to open this summer,” said Williams. “At Dollar Tree, we are proud to welcome businesses from across the world every day to our Store Support Center and introduce them to Coastal Vir- ginia’s newest metropolitan center.” Phase One and Two repre- sent an investment of more than $330 million. Phase Two features Helix, Summit Pointe’s first residential com - munity, and 555 Belaire, an office tower. Helix, located at 1501 Sum- mit Pointe Dr., is six-stories with 133 apartment homes above street-level retail and restaurants. Helix residents will enjoy a concierge lifestyle with unparalleled amenities and luxury finishes in one-, on the PA Turnpike (I-276), this retail property is easily acces- sible from Interstate 95 and highly trafficked PA Route 1. This year saw a new Turnpike interchange completed that directly enhances the site’s regional connectivity to New Jersey. Notably, Neshaminy is served by both SEPTA regional rail and Amtrak. Current Neshaminy Mall retailers Boscov's and AMC anchor a mix of specialty shops that include Barnes & Noble, Hollister Co., H&M, and Vic- toria’s Secret. The Neshaminy Mall Boscov’s is the number one

two-, and three-bedroom op- tions. Helix has already gener- ated tremendous interest, and the first residents will move in this summer. 555 Belaire is a six-story, 150,000 s/f office tower with creative architectural spaces nestled between Volvo Park- way and Belaire Avenue. The building has five levels of office space with a distinc - tive multi-story lobby and street-level retail and restau- rant spaces.Outdoor parks and plazas will enhance the Phase Two development to encourage active community involvement. Completion and occupancy of 555 Belaire are also expected in summer 2020. “As we move into the sum- mer, we invite you to visit and experience Summit Pointe,” added Williams. “This project will not only create a new and modern regional destination, but will also enhance the Dol- lar Tree campus for the benefit of our associates.”  In a unique arrangement the anchor and mall ownership have been separate. Brook- field , one of the world’s larg - est investors in real estate, purchased the entirety of the mall, independent of Macy’s, in 2018. They are also rumored to have Neshaminy Mall in its queue for imminent redevelop- ment and substantial improve- ments.  store of their 50-store chain. Similarly, AMC Neshaminy 24 is one of the largest cinemas in the area, ranking as one of the top 30 theaters in North America for the chain.

Jon Kieserman

subsequently been named ex- clusive leasing agents for the project. Macy’s opened at Neshaminy Mall in 1968 (then Straw- bridge’s) and closed amidst 100 shutterings nationwide for the retailer that began in 2017 as it readjusted its business to grow- ing online competition. CHESAPEAKE, VA — Chris Williams , senior vice president of portfolio man- agement at Dollar Tree, Inc. presented a progress report on Summit Pointe’s construction and development at Chesa- peake State of the City 2020 event hosted by the Hampton Roads Chamber. The event, led by ChesapeakeMayor Rick West, acts as an annual forum for interaction among Chesa- peake's business, civic and community leaders to discuss development initiatives and municipal progress. Summit Pointe is Coastal Virginia’s newest metropoli - tan center and lifestyle com- munity. It is located on 69 acres in Virginia’s second most populous city and in the middle of Chesapeake’s thriving Central Business Dis- trict. When complete, Summit Pointe will include more than one million s/f of office space, up to 500,000 s/f of retail space, 250,000 s/f of hospi-

Summit Pointe’s Phase II is on track to open this summer

Summit Pointe

tality and conference space, and 1,400-plus residences. Development is underway in three Phases, with Phase One completed. Phase One includes Dollar Tree’s 12-story state-of-the- art office tower that comprises 510,000 s/f and is the tallest building in Chesapeake. Dol-

lar Tree is the region’s largest Fortune 135 company. The offices opened in 2018, adding more than 1,000 Dollar Tree employees to the area and bringing the total to 1,900. As part of the Dollar Tree Store Support Center campus, a new 1,500-car parking deck is scheduled for completion

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