R etail D evelopment R eimagined
M id A tlantic Real Estate Journal — Retail Development Reimagined — August 28 - September 10, 2020 — 5A
www.marej.com
Munley, Galbally and Behr of JLL represent seller Paramount Realty acquires 140,418 s/f Columbus Crossing in Philadelphia, PA P in Philadelphia.
HILADELPHIA, PA — Paramount Realty Services has acquired Columbus Crossing, a 140,418 s/f open air shopping center po- sitioned along South Columbus Blvd. in the South-East section of Philadelphia. JLL marketed the property on behalf of the seller. The center is 100% occupied and anchored by T.J. Maxx and HomeGoods, with a strong supporting cast of national tenants including ULTA, Old Navy, Planet Fitness, Chipo- tle, AT&T, and Bath & Body Works. The property is shadow anchored and shares a main en- trance withWalmart and Home Depot, who are complementary to the overall tenant mix and generate a significant amount of traffic to the shopping center. The JLL Retail Capital Mar- kets team representing the seller was led by senior man- aging directors Chris Munley and Jim Galbally and senior director Colin Beh r. BENSALEM, PA — Brook- field Properties has recently launched redevelopment plans that, when complete, will fi - nalize the transformation of the former Neshaminy Mall Sears anchor into a premier healthcare destination. The Colliers team of Matthew Shanahan and Ina Sargen have been named leasing agents for the new medical opportunity. Two years ago, Sears an- nounced it would be closing its Neshaminy Mall location as part of a plan to liquidate 142 stores nationwide. Today, the now-vacant Sears space is being positioned as an innovative medical office opportunity by which regional medical health systems can serve the population-dense surrounding region from a highly centralized, accessi- ble and well-known location. Medical specific features of the site have been designed to include: clear vehicular access
The property sits along the riverfront in a destination shop- ping corridor which draws from the most affluent and growing communities in Philadelphia, including Society Hill, Old City, Queen Village, and Northern Liberties. “Columbus Crossing offered an extremely rare opportunity to acquire scarce and irreplace- able, riverfront real estate within the City of Philadel- phia,” Munley said. “Demand for the asset was high, in most part due to the intrinsic value of the underlying real estate and the value-add potential if held long term. “We are very fortunate to have worked with Paramount Realty Services on this transaction and have immense gratitude for the efforts and professionalism in bringing the deal to a close in a very challenging climate,” Munley continued. “We believe they will do exceptionally well with the asset.” MAREJ gional destination. Located just minutes from downtown Philadelphia at one of the busiest intersections on the PA Tpke. (I-276), this retail property is easily accessible from Interstate 95 and highly trafficked PA Route 1. This year saw a new Turnpike interchange completed that directly enhances the site’s regional connectivity to New Jersey. Notably, Neshaminy is served by both SEPTA re- gional rail and Amtrak. Current Neshaminy Mall retailers Boscov’s and AMC anchor a mix of specialty shops that include Barnes & Noble, Hollister Co., H&M, Aéropostale, The Children’s Place and others. The Ne- shaminy Mall Boscov’s is the number one store of their 50-store chain. Similarly, AMC Neshaminy 24 is one of the largest cinemas in the area, ranking as one of the top 30 theaters in North America for the chain. MAREJ
Columbus Crossing
Bridge) and to I-95 and I-76, the two primary arterial roadways
Columbus Crossing enjoys immediate access to the ar-
ea’s major bridges (Walt Whit- man Bridge and Ben Franklin
Brookfield Properties launches redevelopment plans of 143,000 s/f medical redevelopment at Neshaminy Mall
Neshaminy Medical Conceptual Rendering (Photo Credit: Nelson Architects)
and proprietary parking for patient populations, a covered patient drop-off pavilion and a dedicated entrance and lobby. “We believe this will be THE revitalizing new medi- cal destination of the region - affording premier brand-
ing and visibility for regional health systems and access to a large untapped population of over a million that is cur- rently underserved for medi- cal services.” said Matthew Shanahan, a senior managing director with Colliers Health-
care Services. Neshaminy Mall has long been considered a standout location of the region not only for the strong population de- mographics of Bucks County that retailers desire, but as an extremely accessible re-
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