Posts Tagged: Philadelphia commercial real estate

Bankruptcy Court Approves PREIT’s Reorganization Plan

A month after filing for Chapter 11 bankruptcy protection, the U.S. Bankruptcy Court for the District of Delaware approved a pre-packaged restructuring plan for Pennsylvania Real Estate Investment Trust on Monday. The Philadelphia company expects to emerge from bankruptcy in early December, later than its initial expectation to be done with the proceedings by the… Read more »

$52M Redevelopment Planned for Vacant Sears in Philadelphia

A partnership has paid $28.75 million for a former Sears in Northeast Philadelphia and has plans to invest another $24 million to redevelop the vacant department store. Sears Holdings Corp. closed the store in April 2018 as part of a move to shutter 100 stores nationwide. The transaction was initiated six months before the onset… Read more »

Aldi Readies to Open Long-Awaited Fairmount Avenue Store in Center City

Aldi, the German-based discount grocery chain, is scheduled to open a long-awaited store at 1300 Fairmount Ave. in Center City early next month. It will join other grocers such as Giant, Acme and Whole Foods that have been expanding in Center City as its population has grown. Amazon is also expected to open a new store at… Read more »

Univest Bank Closing 20% of its Retail Branches

Univest Financial Corp. said it plans to close eight of its 39 retail branches, or 20% of its footprint, as part of an optimization plan that has been accelerated by Covid-19. Since 2015, the Souderton-based parent of Univest Bank has consolidated 15 locations largely in its traditional home base of Bucks and Montgomery counties while… Read more »

ACME Markets Opens New Store at 40th and Walnut

ACME Markets, a Philadelphia based company, has opened its newest store at 40th and Walnut (former Fresh Grocer location) this morning. Here are some more details on what the new store includes: A Deli department featuring such meal solutions as sushi, Poke bowls, Asian hot bar, focaccia pizza, BBQ station, and ACME’s first ever Sally… Read more »

Gap to Close Two-Story Center City Store After More Than 20 Years

Gap Inc. is vacating its store at 1510 Walnut St. in Center City and laying off 32 employees as a result of the closure, according to a Worker Adjustment and Retraining Notification filed with the Pennsylvania Department of Labor and Industry. Gap has been a Walnut Street mainstay, having been in space on the street… Read more »

Amazon Grocery Store Coming to Northern Liberties Project

Amazon.com Inc. has signed a lease for one of its new grocery stores in the Northern Liberties neighborhood of Philadelphia, according to sources familiar with the deal. The online retailer has taken 40,000 square feet of 60,000 square feet that is proposed for a new apartment complex at 5th and Spring Garden streets, the sources… Read more »

Boyds Retail Rebuilds After Looting Damages Store and Plans a Suburban Outpost for the First Time in 83 Years

Kent Gushner was at home the evening protests turned into looting, violence and vandalism in Center City. He watched the scene unfold from security cameras installed at Boyds, one of Philadelphia’s oldest and vaunted retailers. Glass doors and windows from his family-owned store at 1818 Chestnut St. were broken and marauders plundered any items they could get… Read more »