Greater Lewistown Plaza
Burnham, PA
Grocery-anchored Community Center
- 177,752 sq ft shopping center anchored by Weis Markets and 94.2% occupied at the time of acquisition
- Existing long-term tenancy with historically stable cash flow
- Upside potential in marking to market older expiring leases, and lease up of 3 inline vacancies and a 5,000 sf pad site opportunity
- Property Leasing Brochure
- Acquisition Date: December 2022
1800 Chapel
Cherry Hill, NJ
Outparcel Value Creation
- Partnered with a 3-building, 185,000 sq ft office park owner to create value by developing excess parking fields
- Entitlements to allow 2 standalone pads: one, a multi-tenant retail pad with a QSR drive-thru, and a second free-standing pad for a childcare center
- Joint Venture formed March 2022
Orchard Plaza
Altoona, PA
Value-add Shopping Center
- 83,500 sq ft shopping center anchored by Big Lots and 81% occupied at the time of acquisition
- Value-add redevelopment plan included an extension with Big Lots through 2030 at closing, capital investment in the asset to enhance the center’s aesthetic appeal, and a targeted leasing strategy focused on medical, fitness and other utilitarian tenants
- Click here for leasing information: Orchard Plaza Leasing Brochure
- Acquisition Date: November 2021
Narberth Square
Narberth, PA
Ground Up Mixed-Use Development
- Acquired a 30+yr old green house on 2.3 acres on a hard signalized corner in a dense, affluent, and educated neighborhood on Philadelphia’s prestigious Main Line.
- Obtained full entitlements (during COVID) to build 25 market rate apartments over 23,450sqft of retail
- Ground Breaking May 2023, expected Opening: Fall 2024 – narberthsquare.com
- Acquisition Date: June 2021
Vacant K-Mart Re-Development
Thorndale, PA
- 105,000 sq ft vacant standalone K-Mart located in outer ring of a secondary market
- Redevelopment efforts resulted in the proposed reduction of the building to 85,000 sq ft to be anchored by a grocer and other national credit tenants while opening up the parking field for 2 new credit-tenant pad sites
- Disposition Date: December 2020
- Before needing to inject the value-add capital, the property was sold to an end user who paid a 66% premium over the as-is value of the property, not only preserving equity during a pandemic, but returning equity in the property which was then recycled via a § 1031 exchange