R etail D evelopment R eimagined

M id A tlantic Real Estate Journal — Retail Development Reimagined — June 18 - July 22, 2021 — 13A


A joint venture between Paramount &Edgewood purchases 167,689 s/f SC in Jenkintown, PA Nathanson of Institutional Property Advisors completes sale of Noble Town Center


Pennsylvania Transportation Authority ‘s Noble and Rydal train stations. Jenkintown is an affluent, primarily residen - tial community located three miles north of Philadelphia. There are 100,000 people living within three miles of Noble Town Center and the average annual household income exceeds $107,000 Originally constructed in 1958 as a Wanamaker’s de - partment store, the three- story retail structure was transformed into Noble Town Center in 1999. The shop - ping center is anchored by Ross, Bed Bath & Beyond, PetSmart, and Walgreens. The property was 64% oc - cupied at the time of the sale as a result of a bankruptcy in September 2020 by Stein Mart, one of the anchor ten - ants. Sean Beuche , license no. RM424190 is Marcus & Millichap’s broker of record in Pennsylvania. MAREJ

ENKINTOWN, PA — Institutional Prop- erty Advisors (IPA) ,

a division of Marcus & Mi l l i chap announc ed the sale of Noble Town C e n t e r , a 167,689 s/ f s h o p p i n g c e n t e r i n Jenkintown.

Brad Nathanson

“Noble Town Center is a dominant vertical shopping center located at a high-profile intersection shared with Trad - er Joe’s, Whole Foods, and Wawa within an affluent trade market,” said Brad Nathan- son , IPA senior managing director. “The new owner will enhance value by leasing two vacancies formerly occupied by Stein Mart and a local gym totaling 60,000 s/f as well as redevelop a significant portion of the site with an alternative

Noble Town Center

use.” Nathanson represented the seller, and procured the buyer, a joint venture between

Old York Rd./Rte. 611 and The Fairway, the property is across from the Southeastern

Paramount Realty Services and Edgewood Properties . Located on the corner of

Funding will support construction of multifamily units and 26,000 s/f of groundfloor retail retail space EagleBank provides $26 Million in financing for FriendshipHeights retail LandmarkMazza Gallerie

BETHESDA, MD — Eagle- Bank , one of the largest com - munity banks in the Washing - ton, DC area announced that it provided $26 million in acquisi - tion financing to support the re - vitalization of Mazza Gallerie, a landmark retail space in the Friendship Heights neighbor - hood. Tishman Speyer , a real estate developer and owner, is sole recipient of the loan and will spearhead redevelopment of the property. EagleBank’s loan offering will fund a significant por - tion of the project’s purchase price and will allow Tishman Speyer to construct approxi - mately 350 multifamily units and 26,000 s/f of groundfloor retail. The transaction was led by members of EagleBank’s experienced commercial real estate team, senior vice presi - dent Barb Mackin , portfolio manager Sameera Rizvi , and

Barb Mackin

Sameera Rizvi

Jeniffer Mejia

is immediately adjacent to the Friendship Heights metro rail station. The property boasts several key demand drivers, including access to strong pub - lic schools, walkable outdoor amenities and 440,000 s/f of shops and restaurants. “As a top CRE lender in the DC market, EagleBank is proud to contribute to the redevelopment of the Maz - za Gallerie space alongside our trusted partner Tishman

portfolio administrator, Jen- iffer Mejia . “This transaction under - scores EagleBank’s commit - ment to invest in our commu - nity,” said Mackin. “We’re thrilled to work with Tishman Speyer to finance such a unique and promising property.” Leveraged by its premium location, Mazza Gallerie is situated in the establishedWis - consin Ave. retail corridor and

Mazza Gallerie

serves as an example of the flexible lending solutions we can offer,” added Antonio Mar - quez, president of Commercial Banking at EagleBank. MAREJ

Speyer. Our CRE lending team has deep expertise and a unique understanding of the D.C. area, and the revitaliza - tion of this landmark property

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