8A — July 31 - August 13, 2015 — Shopping Centers — M id A tlantic
Real Estate Journal
www.marejournal.com
S hopping C enters
HILADELPHIA, PA — CBRE, Inc . has brokered the sale of Premier co-working provider to open first Philadelphia location CBRE brokers sale of 256,969 s/f Penrose Plaza in PA to Abrams Realty and Onyx Equities P
property and represents one of the region’s most significant transactions this year. This outstanding supermarket- anchored redevelopment op- portunity was highly sought after by the investment mar- ket. Penrose Plaza is located in one of the most densely populated markets, with more than 14,400 households within a 1.5 mile radius,” said Mc- Clernon, senior vice president with CBRE’s investment prop- erties division. “In addition to its high visibility, there is also limited retail competition, helping to ensure the ongoing
success of the tenants and thus contributing to the center’s ongoing occupancy levels. All of this made this property an exciting investment opportu- nity.” Penrose Plaza is located near the southwestern sub- urbs of Philadelphia, just on the cusp of Delaware County. The retail competition remains limited due to land constraints created by the U.S. Postal Service Processing and Dis- tribution Center, Philadelphia International Airport runway clearances, The John Heinz National Wildlife Preserve, I-95, and the Delaware River. In addition to its high quality tenant lineup, the center is complemented by generous parking in an urban setting. n Kushner Cos. leases 30,000 s/f PHILADELPHIA, PA — Kushner Companies that WeWork, one of the nation’s premier co-working space providers, has signed a lease for more than 30,000 s/f at The Piazza in Northern Liber- ties section of Philadelphia. The new lease marks another step in the company’s ongoing transformation of The Piazza into a vibrant live/work com- munity. Acquired by the Kushner Companies and Oaktree Capi- tal Management in 2013, the Piazza consists of 430 apart- ments, 100,000 s/f of com- mercial space and an 80,000 s/f plaza on a portion of the former Schmidt’s Brewery site. “WeWork is an amazing company that offers lifestyle, aesthetic and community,” said Jared Kushner , CEO of the Kushner Companies. “They have been searching for the right location to enter the Philadelphia market for several years, and the fact that they chose Northern Lib- erties shows they understand who their customers are, and that the Piazza is a location where they can draw the right population.” The Kushner Companies and their partners are in the middle of a multi-million dol- lar transformation of the Piaz- za that includes renovation of the apartments, construction of a new parking deck and the conversion of more than half of the existing commercial space for office use. n
Penrose Plaza, a 255,969 s/f, ShopRite-anchored shop- ping center in Southwest Philadelphia located at Is- land Ave.and Lindbergh Blvd. CBRE’s Kevin McClernon and George Schmitt repre- sented the seller, Eastwick JV IV and V. A joint venture involving Abrams Realty & Development of Elkins Park and Onyx Equities of Woodbridge, NJ, purchased the property. “This was a highly attractive
Penrose Plaza
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