10C — March 16 - 29, 2012 — The Best of 2011 — Mid Atlantic Real Estate Journal
The Largest Retail Lease of 2011
Metro Commercial Real Estate Willow Grove Park — 129,000 SF —
Levin Management Corporation Fairlane Village Mall — 57,860 SF —
Legend Properties, Inc. Raymour & Flanigan — 43,328 SF —
Kohl’s Department Store – 57,860 s/f Fairlane Village Mall, “Where Schuylkill County shops…for value,” is a small market mall that had lost an anchor (Value City) to bankruptcy early in the economic downturn. Levin targeted Kohl’s, known for combining value and style, as the perfect replacement. Levin also continued to build their community marketing efforts for the property, which, for two years in a row, has been named Best Shopping Center in the county in a consumer poll run by a leading area maga- zine. Michaels Stores has also recently leased space here, joining Harbor Freight Tools, Dollar Tree, and Super Shoes, other retailers targeted by Levin. Fairlane Village Mall in Pottsville, PA The Largest Retail Sale of 2011 WP Realty
Raymour & Flanigan
Raymour & Flanigan, Whitehall, PA Broker(s): Maria Rita Aristone & Dennis Campbell Legend Properties obtained the exclusive listing on the Whitehall Mall and signed a lease with Raymour & Flanigan to take over the space for- mally occupied by Borders Books, Famous Foot- wear and Twitter. Legend principal, Maria Rita Aristone and vice president, Dennis Campbell represented the Landlord, Simon Property Group in the transaction. Whitehall Mall is a 592,498 s/f regional mall anchored by Sears, Bed, Bath & Beyond, Michaels and Kohl’s.
JC Penney is under construction at Willow Grove Park in Suburban Philadelphia and is expected to open in the fall of 2012. The 129,000 s/f depart- ment store, along with Nordstrom Rack, Forever 21 and Bravo Cucina, will join Cheesecake Factory in 190,000 s/f of anchor space formerly occupied by Strawbridge’s. JC Penney will occupy space on first and second floors of the mall. Metro Commercial Real Estate’s Dan Brickner represented JC Penney in the transaction.
Marcus & Millichap Conshohocken Ashbridge Square — $51.75 Million —
Legend Properties, Inc. Former Bryner Chevrolet — $2.2 Million —
Festival at Exton — $24 Million —
WP Realty sold Festival at Exton to Paramount Realty Services of Lakewood, New Jersey. WP Realty purchased the property in December 2005, with an occupancy rate of only 50%, including a vacant Clemens Supermarket box comprising 40,000 s/f. Upon acquisition, WPRealty utilized its strong relationships and expertise in leasing, development and management to reposition Festival at Exton into a center that boasts 94% occupancy and includes strong national and regional tenants such as Marshalls/HomeGoods, Bonefish Grill, and Dollar Tree. Festival at Exton
Former Bryner Chevrolet in Abington, PA
Broker(s):Jerry Ward & Dennis Campbell Legend Properties obtained the listing on the former Bryner Chevrolet to sell the existing 65,000 s/f former new car dealership and repair shop, which is situated on +/- 3 acres. The property is located just north of the intersection of Old York Rd (Rt. 611) & Township Line Rd. (Route 73).
Size (square footage/acreage) 388,813 s/f Sale price required $51,750,000 Broker(s): Mark Taylor & Dean Zang
Ashbridge Square, is a 386,016 s/f shopping center anchored by The Home Depot, Best Buy and Bottom Dollar (Food Lion guarantee), is situated in East Caln
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