32 — May 2025 — Retail Development — M id A tlantic Real Estate Journal
www.marej.com
R etail D evelopment
ID-ATLANTIC — Horvath & Trem- blay has completed M Transactions include retail sites across NJ, VA, & MD Horvath & Tremblay sells three retail properties for $10.7M
140,000+ s/f of future store openings planned PREIT elevates Cherry Hill Mall with new lineup
the sale of three Mid- A t l a n t i c retail prop- erties for $10,667,643. K y l e Danielson, A u s t i n Smith and Mi c ha e l Lombardi of Horvath & Tremblay have success- fully com- pleted the sale of Wawa in Berlin, NJ. Horvath & Tremblay exclusively represented the seller to complete the trans- action at a sale price of $5,243,446.
Wawa in Berlin, NJ
DICK’S House of Sport
accessories, expected to open for the 2025 holiday season. ● Dr. Martens: Iconic foot - wear brand known for its durable and stylish styles of boots and other designs, ex- pected to open May 16, 2025. ● Offline by Aerie: A contem - porary lifestyle brand focused on comfort and versatility, offering a range of activewear and casual clothing designed for movement and everyday ease, expected to open for the 2025 holiday season. ● Pop Mart: A market-lead - ing character-based entertain- ment company, expected to open fall 2025. These additions reflect the strong demand for high-qual- ity retail spaces and dem- onstrate Cherry Hill Mall’s enduring appeal as a destina- tion for premium brands. As PREIT continues to attract top-tier retailers, these brands enhance the overall tenant mix, driving both foot traffic and revenue potential. In the past year, PREIT has intro- duced Alo Yoga, Columbia, Lacoste, Kendra Scott, Rowan, and Signature Workspace. “We are proud to welcome these outstanding retailers to Cherry Hill Mall,” said Joe Aristone , chief revenue officer at PREIT. “The addition of DICK’S House of Sport, cou- pled with other sought after retailers, reflects our strategic approach to capital alloca- tion and our commitment to creating diverse, high-quality shopping experiences. These initiatives will strengthen the mall’s market position while improving overall per- formance and credit profile of this asset.” These developments also un- derscore PREIT’s broader vi- sion to focus on properties with the potential for strong, long- term growth. The combination of established and emerging brands enhances Cherry Hill Mall’s place in the market, attracting a diverse, affluent shopper base and ensuring the property remains a sought- after destination. MAREJ
PHILADELPHIA, PA — PREIT announced the next wave of additions to Cherry Hill Mall, one of the region’s premier shopping destinations. The introduction of DICK’S House of Sport, a new retail experience from DICK’S Sporting Goods of- fering a unique blend of ap- parel, equipment, services, interactive experiences, and community events, alongside a carefully selected roster of in-demand retailers, further solidifies the mall’s position as a leading lifestyle hub in the Greater Philadelphia Area. These additions continue to demonstrate PREIT’s commit- ment to enhancing the long- term value and credit profile of our properties. The addition of DICK’S House of Sport is a defin- ing moment for Cherry Hill Mall. Targeting to open in 2026, at 120,000+ s/f, the store provides athletes with an incredible assortment of products along with in-store experiences including a climb- ing wall, multiple golf bays with TrackMan simulators, an outdoor track and field and a multi-sport cage that can be used for baseball, softball, lacrosse and soccer and give athletes an opportunity to try product while measuring and tracking their performance. Offering a new mall entrance and replacing the One Cherry Hill office building, House of Sport will further enhance the mall’s retail offerings and bring new energy to this wing of the shopping center. This targeted investment aligns with PREIT’s value-enhanc- ing strategy with a focus on repurposing underutilized real estate and increasing consumer engagement. In addition to DICK’S House of Sport, PREIT has success- fully secured a diverse mix of retailers set to open in 2025, including internationally rec- ognized brands such as: ● Coach: Luxury fashion brand known for its exquisite leather goods, handbags, and
Kyle Danielson
Sheetz in Fairlawn, VA
Austin Smith
to complete the transaction at a sale price of $3,024,197. Sheetz is located at 7335 Lee Highway. Sheetz Gas Station and Convenience Store was constructed in 2004. In 2020 Sheetz renovated the premises and executed a new 15-year Absolute NNN Ground Lease with three, five-year renewal options, demonstrating their commitment to the site and the market. The lease calls for 10% rent increases at the start of all three of the five- year renewal options. Sheetz is well located at the signalized intersection of Lee Highway (US Highway 11) and Peppers Ferry Rd. NW (VA Rte. 114), the area’s primary commercial and commuter corridors. The Property is an outparcel to the Shoppes at Fairlawn, which is anchored by Anytime Fitness, Omni Place (an upscale Event Venue), and First Bank and Trust Company, and enjoys outstanding frontage, visibil- ity, and access. Sheetz is also just seconds from Walmart Su- percenter, Lowe’s and Kroger, the area’s primary shopping destinations which drive traf- fic to the area. Sheetz is lo - cated across the New River from Radford, which offers densely populated residential neighborhoods and Radford University, both of which pro- vide a captive customer base. Kyle Danielson, Austin Smith and Ryan O’Rourke of Horvath & Tremblay have completed the sale of a Wen- dy’s in Edgewood, MD. Hor- vath & Tremblay exclusively represented the seller and sourced the buyer to com- plete the transaction at a sale price of $2,400,000. Wendy’s is located at 1950 Pulaski
Highway. Wendy’s has been at this location since 2007, and in 2021 the location was transferred to Wend Baltimore North, LLC, a wholly owned subsidiary of Flynn Restau- rant Group. Wend Baltimore North, LLC structured a new 21-year lease, demonstrating their commitment to the site and the market. Wendy’s has 17+ years remaining on their absolute triple-net lease with one, five-year renewal option. The lease calls for attractive 1.25% annual rent increases throughout the base term and renewal option. Wendy’s is situated in an excellent loca- tion along Pulaski Highway (US Highway 40), the area’s primary commercial and com- muter corridor. The property enjoys outstanding frontage and visibility at a signalized intersection and is surrounded by local and national retailers that drive traffic to the area as well as densely developed residential neighborhoods that provide a built-in customer base. The property enjoys convenient access to I-95, MD Rte. 24, the Edgewood Train Station (service on the MARC), and the city’s municipal of- fices, several industrial parks, and area schools. Our advisors specialize in the sale of single tenant net- lease assets and retail shop- ping centers. They have expe- rience successfully structuring sale lease-back programs, portfolio dispositions, and 1031 exchanges. Horvath & Tremblay is dedicated to being the best source of information and expertise in the market- place for private investors, developers, institutions, and industry professionals. MAREJ
Ryan O’Rourke
Wawa is located at 195 W White Horse Pike. Wawa has occupied this location since its construction in 2010 and recently extended their lease demonstrating their com- mitment to the site and the market. Wawa has 16+ years remaining on their Absolute NNN Ground Lease with four, five-year renewal options. The lease calls for attractive rent increases every five years throughout the primary lease term and at the start of each of the five-year renewal op - tions. Wawa is well located at the signalized intersection of S Franklin Ave. and W White Horse Pike (US Rte. 30), one of the area’s primary commercial and commuter corridors. W White Horse Pike provides direct access to I-295 and Downtown Philadelphia. The property is surrounded by densely populated residential neighborhoods and is close to area schools, providing a built-in customer base. The Property also offers conve- nient access to area retailers and restaurants which drives traffic to the area. Berlin is a suburb of Philadelphia, located 16-miles southeast of the city. Horvath & Tremblay’s Kyle Danielson also facilitated the sale of Sheetz in Fairlawn, VA. Horvath & Tremblay exclu- sively represented the seller
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