PhillyDeals: Is A High-End Retailer In Gallery’s Near Future?

Work crews have been hammering away, restoring the wood-and-bronze-accented central hall of the former Strawbridge & Clothier store downstairs at 801 Market St. from our Inquirer offices.

Rumors that Bloomingdale’s or another high-end department store will take the space have been current in the neighborhood.  Earlier plans and speculation had centered on a casino, a Target, or high-end restaurants.

Of course, Bloomingdale’s owner, Macy’s Inc., hasn’t announced a new Philly store.  Erin Halley, spokeswoman for Pennsylvania Real Estate Investment Trust (PREIT), told me there’s nothing to announce.

But retail-watchers say PREIT, which didn’t upgrade the Gallery complex when it improved its malls in Cherry Hill, Plymouth Meeting, and other suburbs in the late 2000s, finally looks ready to make a Center City move – especially since it agreed to pay $60 million to buy the last section it didn’t already own from Vornado Realty Trust last fall.

Read more at http://www.philly.com/philly/business/20130712_Is_a_high-end_retailer_in_Gallery_s_near_future_.html#H0ISG0TbHQrRt3SG.99

Phillipsburg Mall Sold

Census Bureau map of Lopatcong Township, New J...

Census Bureau map of Lopatcong Township, New Jersey (Photo credit: Wikipedia)

Vacancy-plagued Phillipsburg Mall has been sold after nine months on the commercial real estate market.

Pennsylvania Real Estate Investment Trust announced Thursday it sold the mall for $11.5 million, giving the company a 9.8 percent capitalization rate on its investment.  The buyer is Mason Asset Management of Great Neck, N.Y.

Mason owner Elliot Nassim said his company specializes in the redevelopment of malls. “We hope to bring some new tenants to the mall,” he said.

Phillipsburg Mall is a 574,000-square-foot shopping center straddling Lopatcong and Pohatcong townships. It is anchored by Kohl’s, Sears, Bon-Ton and JC Penney.

Read more:  http://www.mcall.com/business/mc-phillipsburg-mall-sold-20130111,0,6549066.story