Jones Lang LaSalle closes sale of Red Lion Plaza
Philadelphia — Jones Lang LaSalle announced Wednesday that it has closed the sale of Red Lion Plaza for Onyx Equities and Invesco Real Estate. A private buyer purchased the 229,204-sq.-ft. retail shopping center that is located in northeast Phildelphia, is 95% occupied, and anchored by Best Buy, Staples, American Signature and Planet Fitness.
The sale of Red Lion Plaza represents that largest retail transaction in Philadelphia since 2006, according to JLL, who is currently marketing over one million sq. ft. of shopping centers throughout Pennsylvania and New Jersey.
Donahue Schriber secures $100 million in additional growth capital
Costa Mesa, Calif. — Donahue Schriber announced that its major investors New York State Teachers’ Retirement System and J.P. Morgan Strategic Property Fund have approved an additional $100 million common equity investment for growth capital.
The money will be utilized to help fund the company’s strategic growth plans over the next three to five years, according to chairman and CEO Patrick S. Donahue.
“We are thrilled with the level of commitment and support we receive from the New York State Teachers’ Retirement System and J.P. Morgan Strategic Property Fund. Our teams are in place, our balance sheet is stronger than ever, and we are well positioned to take advantage of new market opportunities,” said Donahue.
Levin announces leasing activity at Capitol Plaza
Ewing, N.J. — North Plainfield, N.J.-based Levin Management Corp. said Wednesday that Dollar Tree will open a store at Capitol Plaza, located in Ewing, N.J. The 13,810-sq.-ft. store is slated to open in the spring.
As well, a newly expanded Center for Allied Health & Nursing Education will celebrate its grand reopening at Capitol Plaza in March. The nursing school will be renamed Jersey College School of Nursing; it tripled its space to 30,000 sq. ft. in the shopping center, which is leased and managed by Levin.
Capitol Plaza’s roster also includes anchor tenants Marshalls, Save-A-Lot, Harbor Freight Tools and Forman Mills. Other national and regional retailers include Ashley Stewart, Kicks USA, Foot Locker and GNC.