6-27-14

S HOPPING C ENTERS

Real Estate Journal — Shopping Centers — June 27 - July 10, 2014 — 5A

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AYNE, PA — A partnership that owns Ches t er - Proposed mixed-use redevelopment project in Wayne, PA Chesterbrook Shopping Plaza to receive $85 million re-design and expansion W

opment with a community of townhouses with just a small retail strip. It’s what the part- nership believes the site can sustain and, after struggling for so many years, also make it thrive. Some of the original options considered a 5-story structure with 300 apartments, but was ruled out. The same goes for DQVWRU\RIÀFHEXLOGLQJ7KH plan they devised that would work best involved tearing down a section of the center, and constructing 124 town- houses on the 13-acre parcel. The residential portion of the project is expected to be sold off to Cornell Homes, a Media,

Chester County. Its tenant mix consists of national, regional, and local retailers also includ- ing Petco, Walgreens and a Gi- ant fuel sta¬tion. The property is 88 percent occupied and also has a 4,300 s/f proposed pad site for future development. “New York Life will be able to capitalize on the property’s minimal near-term lease ex- pirations and the opportunity to immediately increase cash ÁRZ E\ H[HFXWLQJ D VWUDWHJLF leasing plan for the remaining vacancy,” Gabriel said. 3$EDVHGÀUP The front part of the center, where Pizza Land and some other shops are located, would remain and be expanded by an additional 17,000 s/f on either end of the current 13,000 s/f structure to accommodate a Rite Aid and Citizens Bank for a total of 30,000 s/f of retail. Goodwin Architects Inc. is the designer Whalen said, “I’m really passionate about this project” and if all goes well everything goes well hopefully everything will be finalized in the fall. The plan is currently going through the township ap- proval process.

brook Shopping Center has an $85 million plan to re-develop the 122,216 s/f center that was constructed in 1981. Robert Whalen of R W Capital Partners , along with Brian McElwee of Val- ley Forge Investment Corp. and RLD Land Develop- ment , purchased the center last November. After purchas- ing the center, the partnership ZHQWWRZRUNWRÀJXUHRXWWKH best use for the property go-

Chesterbrook Shopping Center

ing forward and what would ÀQDQFLDOO\PDNHVHQVH The re-development will

include razing a large portion of the existing center and con- structing a mixed-use devel-

JUNE 27 - JULY 10, 2014

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RETAIL PROFILES

WEST CHESTER, PA — Bradford Plaza, a 161,000 s/f community shopping center, has traded for $35.7 million, in a sale orchestrated by com- mercial real estate services ÀUP &XVKPDQ :DNHÀHOG·V 0HWURSROLWDQ $UHD &DSLWDO Markets Group . New York Life purchased the grocery- anchored asset. Cushman & Wakefield’s Karen Iman and *DU\*DEUL - HO EDVHGLQWKHÀUP·V3KLODGHO - phia and East Rutherford, New Jersey, offices, respectively, headed the assignment. “Retail properties – espe- cially those with supermarket anchors – continue to be a highly sought-after investment type in our region,” Iman said. “Chester County, located just outside of Philadelphia, has the highest average household income in the State of Penn- sylvania, making any asset that comes online here a prime target. In the case of Bradford Plaza, we had a substantial amount of interest from a range of potential buyers, in- cluding private entities, fund operators and REITs.” Located on 22 acres at 700 Downington Pike, Bradford Plaza serves as home to Giant Foods, the leading grocer in

SPOTLIGHT

9-14A

MARCUS & MILLICHAP ARRANGES SALE OF TWO TRACTOR SUPPLY FOR $6.7M IN VIRGINIA

Bradford Plaza

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