REAL ESTATE

Major retail hub set to open in the City of Brotherly Love

BY Jennifer Setteducato

The long-awaited grand opening of the former Gallery at Market East in Philadelphia’s Center City has been set for September 2019.

The new Fashion District Philadelphia – a $325 million joint venture between Macerich and PREIT – will feature over 800,000 sq. ft. of retail, dining, and entertainment making it a fully immersive shopping experience just steps away from the city’s Historic District.

Currently, 80% of the center is either leased or in active negotiations. Tenants will include Polo Ralph Lauren, H&M, Forever 21, Zumiez, Asics, Zales, Guess, Columbia, Francesca’s, Levi’s, and Skechers, with leases being negotiated with ULTA Beauty and more. Century 21 and Burlington stores are already open.

AMC Theaters will be located on the third floor, which will be dedicated “entertainment zone.”

An artisanal Italian market with culinary events, restaurant and retail space will be featured alongside a unique blend of dining options including Dallas BBQ, and City Winery (which offers intimate concerts, food and wine classes), Chickie’s & Pete’s, Chick-fil-A, Oath Pizza, Burger Fi, Pei Wei, Freshii and la Madeleine.

Spanning three city blocks, Fashion District is connected to Reading Terminal Market, the Pennsylvania Convention Center and the largest regional rail hub in Philadelphia making it accessible to commuters, tourists and locals.

“Philadelphia and the retail environment have evolved dramatically since this project’s inception and we are unveiling a cohesive offering befitting this world-class city,” said Joseph F. Coradino, CEO of PREIT.

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REAL ESTATE

Kroger moves into Florida with shopping center purchase

BY Jennifer Setteducato

Kroger is getting in on the action in the Sunshine State, where competitor Publix Super Markets reigns supreme.

Topvalco, Inc., a wholly-owned subsidiary of The Kroger Co., has purchased a 73,841-sq.-ft. shopping center in Delray Beach, Florida, for $15 million, reported The Palm Beach Post. The retailer also paid $2 million for an outparcel that includes a bank.

The Delray Commons shopping center property will reportedly be the future location of Lucky’s Market, a value-priced natural and organic foods grocery chain backed by Kroger. The new 29,000-sq.-ft. Lucky’s is expected to open in 2019, according to the Palm Beach Post report.

Lucky’s expects its store count to total more than 35 stores by the end of 2018. It recently signed four new leases for stores in Florida, all of which are expected to open in the next 18 to 24 months.

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R.J. Brunelli hires manager of new tenant representation

BY Jennifer Setteducato

A retail real estate pro who was recently named one of Chain Store Age’s “Real Estate’s 12 to Watch” in 2018 has joined the R.J. Brunelli & Co. team.

Julie Fox joins the Old Bridge, New Jersey-based retail real estate brokerage as manager of the newly-created position of new tenant representation.

With over 13 years of experience in property management, brokerage, landlord leasing, tenant representation, and land disposition, Fox will primarily focus on the development and servicing of tenant representation accounts, but will also handle leasing and sales on behalf of property owners.

She comes to R.J. Brunelli from Philadelphia-based Shopcore Properties, where she directed the leasing of The Shops at Skyview, a mixed-use urban retail project in Flushing, New York.

“Julie is a consummate professional, whose wide-ranging experience on behalf of tenants and landlords, work across multiple states and vast contacts throughout the retail real estate industry make her an ideal addition to our team,” said Danielle Brunelli, president/principal of R.J. Brunelli.

She currently serves as the ICSC PA/NJ/DE Next Generation Chair and co-founded The Pipeline, a women’s networking group comprised of professionals in retail real estate.

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