R etail D evelopment R eimagined
M id A tlantic Real Estate Journal — Retail Development Reimagined —February 18 - March 17, 2022 — 15A
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ORTH WALES, PA —JLL Capital Mar - kets announced that N JLLCapital Markets closes sale of 1.1Ms/f MontgomeryMall KohanRetail InvestmentGroup acquires regional mall for $55M
IPA’s Nathanson reps. seller &procures buyer RRCC purchases suburban shopping center for $22.5M
it has closed the $55 million sale of Montgomery Mall, a 1.1-million s/f regional mall anchored byWegman’s, Macy’s, JCPenney and Dick’s Sporting Goods in the suburban Phila - delphia community of North Wales. JLL advised the seller, a CMBS trust. Kohan Retail Investment Group acquired the asset. Montgomery Mall originally opened in 1977 and was last renovated in 2014. Nearly 73 percent leased, it features a stellar lineup of popular an- chor tenants, including Weg - man’s, Macy’s, JCPenney and Dick’s Sporting Goods, and well-known retailers such as H&M, Forever 21, American
Warrington Plaza
Montgomery Mall
35,000 s/f regional specialty home improvement retailer, Avalon Floor & Tile, which has been providing tremen - dous synergy with Home De - pot since 2003. The property was resilient during COVID, retaining 100% of its existing tenants while also getting an- chor tenants Avalon and Rite Aid to sign long-term leases. Warrington is one of Avalon Floor & Tile’s highest-grossing locations of the 17 stores in the chain. Seventy-five percent of the visitors to Warrington Plaza come fromup to 10 miles away, an area composed of over 231,000 people with an average annual household in- come of $99,234.” Nathanson represented the seller, Valley Forge Investment Corp. , and procured the buyer, Real- ty Resource Capital Corp. (RRCC). MAREJ
WARRINGTON, PA — In- stitutional Property Advi - sors (IPA) announced the
Eagle, Bath and Body Works and Outback Steakhouse, among others. Situated on 105 acres at 230 Montgomery Mall, the property is in the heart of Philadelphia’s northern suburbs at the heavily trafficked intersection of US 202 and SR 309, facilitating vis - ibility to more than 65,680 ve - hicles per day. The property is also easily accessible from the
Pennsylvania Tpke., adding to its regional appeal and attract- ing shoppers fromMontgomery and Bucks Counties. The JLL Retail Capital Mar - kets team representing the seller was led by senior manag - ing directors DavidMonahan, JimGalbally and ChrisMun- ley ; senior directors Cameron Pittman and Colin Behr ; and associate Akhil Patel. MAREJ
sale of War - rington Pla - za, an 87,581 s/f, 100% oc - cupied neigh- b o r h o o d s h o p p i n g c e n t e r i n Warrington. The purchase price is $22.5 million.
Brad Nathanson
The Feil Organization announces new38,555 s/f office lease at Riverhead Retail Center
“Warrington Plaza is shad - ow-anchored by one of the pandemic’s most durable and profitable big-box retailers, Home Depot,” said Brad Na - thanson , IPA senior manag - ing director. “This 116,340 s/f Home Depot is a strong regional draw that brought in over 933,000 visits in the trailing 12 months. The cen - ter is further anchored by a
RIVERHEAD, NY — The Feil Organization will re- develop a portion of a former Kmart big box into a 38,555 s/f turnkey office for the Suffolk County Department of Social Services at East End Commons in Riverhead. Suffolk County legislators authorized the new 20-year lease in the retailer’s former 108,720 s/f space. The DSS office will be relocating from 893 East Main St. in River - head where it had occupied 23,365 s/f. Feil will construct the office space to meet the County’s specifications. Strategically located at 605 Old Country Rd. (Rte. 58), the major east-west thoroughfare that connects Suffolk County with Nassau County and New York City, East End Commons provides an ideal location for the County to conveniently service its em - ployees and the community. “We are thrilled about get - ting this deal done, and ex - cited to deliver a best-in-class office space to Suffolk County that will greatly benefit the community and the shopping center,” said Nick Dries , di-
+/-14,000 s/f leases/renewal lend to dynamic retail mix at Levin-managed property
ERIE, PA — Two new com - mitments and a lease renewal totaling nearly 14,000 s/f at Lib - erty Center in Erie underscore a period of steady momentum and the creation of a dynamic tenant mix at the 230,000 s/f shopping center. Self-service photogra- phy studio Self Serv Selfies has opened its first location, while home respiratory and medical supplier Rotech Healthcare will add a new store at Liberty Cen - ter; Fred’s Furniture renewed its lease at the property. Levin Management Cor - poration (LMC) serves as managing agent for Liberty Center, located at the inter - section of Liberty and W. 38th Sts., just west of Peach St. Sherry Bauer , broker/owner of SBRE – Sherry Bauer
East End Commons in Riverhead
rector of leasing of The Feil Or - ganization who, with Randall Briskin , vice president of leas- ing, represented Feil in house. DavidPennetta of Cushman & Wakefield represented the tenant. “Adaptive-reuse con- versions of retail space have been highly successful at well- performing mixed-use centers, where there’s demand for a variety of users. The 187,528 s/f East End Commons is fortu - nate to have an existing robust anchor in BJ’s Wholesale Club, and it is in close proximately
to the highway, making this one of the top locations in the Eastern Long Island market.” The COVID-19 pandemic has had a massive impact on the entire real estate indus- try, offering landlords the opportunity to invest in prop- erties to adapt to changing en- vironments, Dries observed. In addition, the pandemic has led to significant mi - gration of businesses and residents from New York City to the suburbs of Long Island. MAREJ
Warrington Plaza
Real Estate Services , ar- ranged the latest transactions as LMC’s local representa - tive. Randall Rydzewski of HowardHannaReal Estate Services served as tenant broker for Rotech Healthcare. The three latest commit - ments extend a period of sustained leasing activity at Liberty Center. MARE
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