N ortheastern P ennsylvania

Real Estate Journal — Northeastern Pennsylvania — January 12 - 25, 2018 — 5C


M id A tlantic

T. POCONO, PA — Heidenberg Prop- erties Group adds At Mt. Pocono Plaza, Mt. Pocono, PA HeidenbergPropertiesGroup announces the grand opening of Ollie’s Bargain Outlets &Planet Fitness M

two new tenants to its 203,000 s/f Mt. Pocono Plaza in Mt. Pocono: a 27,300 s/f Ollie’s Bargain Outlet and a 17,500 s/f Planet Fitness. Ollie’s new Mt. Pocono store joins 30 additional locations that opened in 2017, including two in Pennsylvania. Ollie’s is a fast-growing value retailer that differentiates itself by of- fering “good stuff cheap.” They recently celebrated their 35th anniversary and currently operate over 250 stores in 20 states. The new Planet Fitness at Mt. Pocono Plaza is the chain’s fifth location within a 30-mile radius of Mt. Pocono, PA. It will be open 24/7, allowing members to take advantage of its Judgment Free Zone at all times. Planet Fitness has over 1,400 locations in 48 states and is one of the largest and fastest-growing franchi- sors and operators of fitness centers in the United States. The addition of these new

Ollie’s new Mt. Pocono store joins 30 additional locations that opened in 2017

Mt. Pocono Plaza aerial

tenants is an important mile- stone for Mt. Pocono Plaza. Heidenberg Properties Group thought it critical to find the right replacement tenants since Kmart announced the closing of its 86,000 s/f location in July 2015. Despite the loss of Kmart, other Mt. Pocono Plaza tenants have performed well, as evidenced by the multiple renewals and new leases, including the opening

of Pet Valu this past July and a new 23 year extension with McDonald’s. Great opportuni- ties are available to locate with these new tenants, as approxi- mately 42,000 s/f remain at the former anchor space. By tapping into the value and fitness segments with Ollie’s and Planet Fitness re- spectively, the center’s owner is responding to the desires of the market. According to Ken

Simon , VP of Real Estate for Heidenberg Properties Group, “Ollie’s and Planet Fitness are examples of where retail is heading today. These two tenants offer superior in- store experiences, whether its Planet Fitness’ hassle-free environment or the treasure hunt atmosphere found at Ol- lie’s through their compelling bargains. We are excited to be partnering with these two

growing companies.” Located on Route 940, Mt. Pocono Plaza counts Weis Markets, Dollar Tree, Rain- bow, McDonald’s, and Pet Valu as major tenants. The area enjoys a vibrant tour- ism market and features over 2,000 hotel rooms within a five-mile radius of the center, and over 25.6 million annual visitors within a ten-mile ra- dius. n

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