Project Owner: Equus Capital Partners
Exclusive Leasing Agents for Project: Metro Commercial Real Estate (Glenn Marvin and Steve Niggeman)
Metro Commercial HQ: Philadelphia, Plymouth Meeting, Pennsylvania; and Mt. Laurel, New Jersey
Project Location: Newtown Square, Pennsylvania
Project Size: Phase I: 107,000 sq. ft.; Phase II: 239,000 sq. ft.
Project Status: Phase I opens fall 2016; Phase II slated to open fall 2017
Company Website: www.metrocommercial.com
Ellis Preserve is a 210-acre mixed-use town center development situated at Routes 3 and 252 in Newtown Square, Pennsylvania, with convenient access to PA’s Main Line as well as Center City, Philadelphia, and South Jersey. With more than 1,500,000 sq. ft. of existing office space and 6,500 daytime population, the development in 2016 will see the opening of Phase I of the Shops at Ellis Preserve — which includes a Whole Foods, a 136-room hotel and over 100,000 sq. ft. of dining and shopping. In 2017, Phase II of the development will begin, featuring 239,000 sq. ft. of upscale retail space, along with “for sale townhome” and “for rent apartment” communities, in keeping with Ellis Preserve’s planned live/work/play environment.
Full-service independent retail real-estate firm Metro Commercial will act as the exclusive leasing agent for this premier property.
THE SHOPPES AT MIDDLETOWN
Developer: National Realty & Development Corp.
Company HQ: Purchase, New York
Project Location: Middletown, New Jersey
Project Size: 380,000 sq. ft.
Project Status: Opening 2017
Project Website: www.shoppesatmiddletown.com
National Realty & Development Corp. is bringing a premier, 380,000-sq.-ft. town center to Middletown, New Jersey. The Shoppes at Middletown will include a specialty grocery store, several upscale national restaurants, and a luxury cinema with a dine-in theater experience that will feature oversized seating and state-of-the-art viewing rooms.
The shopping center will provide a distinct gathering place within the community. Design features include wide sidewalks for outdoor dining; comfortable seating areas; extensive landscaping elements; and sustainable aspects, such as energy-efficient lighting and vehicle charging stations. The Shoppes at Middletown will provide a specialty shopping and entertainment experience not found at any other retail establishments in the area, according to NRDC.
The project will be located on Route 35, the area’s major north/ south corridor in eastern Monmouth County, just minutes from the Garden State Parkway at Exit 116.
Primark/Sears Real Estate Deal
The ongoing quest of Sears Holding Corp. to leverage its vast real estate portfolio helped pave the way for British fast-fashion retailer Primark to enter the United States, giving the import access to space in malls throughout the Northeast.
In late 2014, Primark struck a deal with Sears to lease a total of approximately 520,000 sq. ft. in seven Sears mall-based locations. All the space is expected to be delivered to Primark by the end of 2015.
The arrangement is in line with Sears’ desire to make more efficient — and productive — use of its vast square footage in the face of shrinking sales and decreased traffic.
“These lease agreements with Primark illustrate how Sears Holdings is strategically transforming one of the largest retail real estate portfolios in the United States over time while continuing to operate its existing stores in large, but rationalized selling space,” Jeff Stollenwerck, president of real estate for Sears, said in a statement.
In six of the locations, Primark will operate stand-alone stores as a subtenant of Sears. The department store retailer will continue to operate in these locations, but in a smaller footprint.
In the seventh location, King of Prussia Mall in King of Prussia, Pennsylvania, the Sears store will close and Primark will share the space with another Sears sub-tenant, Dick’s Sporting Goods (both operating stand-alone stores).