May 29 2015

Add $325 Million To Price For Philadelphia Gallery Makeover

The Pennsylvania Real Estate Investment Trust and the Macerich Co. say it will take $325 million in new investment to transform the Gallery at Market East into what they are calling Fashion Outlets of Philadelphia.

That is on top of the $250 million already spent by PREIT to assemble what had been privately owned property in the project area, bringing the total development cost to about $575 million.

The rest of the area still owned by the Philadelphia Redevelopment Authority will be conveyed to the developers as part of the revitalization plan being reviewed by City Council.

May 23 2015

Upscale Eateries Give Struggling Malls A Lift

After perusing a few boutique stores and getting her hair done at Rizzieri Salon & Spa at Moorestown Mall, Jamie McCulloh-Martin decided to go for dinner at Osteria a few doors down.

“I’ve been here more in the last 1½ years since [Osteria] opened than in all of my 22 years living in Moorestown,” said McCulloh-Martin, 50, owner of a physical therapy chain, who ate outdoors with her administrative director, Kelly Casio. “The mall is really changing, and for the better.”

In the new mall world order, you can taste Jose Garces’ tacos at Moorestown Mall, Bobby Flay’s burgers at Cherry Hill Mall, and filet mignon at Morton’s – the Steakhouse at King of Prussia Mall.

The mall and high-end restaurants have struck up a marriage that’s holding on to shoppers longer and generating a better return for powerhouse owners such as Pennsylvania Real Estate Investment Trust (PREIT) and Simon Property Group.

Apr 15 2015

PREIT Reveals The Gallery’s New Look

Everything about the decrepit Gallery at Market East may be about to change.

Under an intended top-to-bottom renovation, one of Center City’s most notorious dead spots would be reborn as a gleaming glass-and-steel emporium – brimming with brand-name discount fashion shops, destination restaurants, and lively sidewalk cafés.

Even the name would be new. Welcome, shoppers, to the Fashion Outlets of Philadelphia.

Details of the plan were provided exclusively to The Inquirer in advance of a series of meetings by government agencies whose support is vital to the project. The news marks a grand unveiling of plans for the Gallery following years of uncertainty and speculation.

Mar 9 2015

Has Philadelphia’s Market East’s Time Finally Come?

If Philadelphia were a basketball court, Market Street East would be that inexplicable dead spot on the floor, the place where the ball just doesn’t bounce.

The eight-block corridor has four Dunkin’ Donuts and two Subway sandwich shops — but no outdoor cafe. A McDonald’s sits in what used to be a porn emporium.

The mid-street shopping selection on what should be a glittery avenue ranges from drug store to cut-rate clothing to cash-for-gold. Addicts come and go from a methadone clinic. The homeless own the corners, and the constant, rolling wall of buses fouls the air.

For years, when people like Paul Levy pitched the route’s potential to developers, they answered, “Yeah, I get it, but nobody goes to Market Street.”

Jan 21 2015

For Colony Of Merchants, Gallery Makeover Is Painful

Every day, Miss Anna comes to the Gallery – and on Tuesday, she was particularly elegant, in a long purple sweater, fashionable hairstyle, her eyebrows etched in darkly, perfectly arched.

“Her brother died two years ago,” said George Thomas, who owns the Creative Silver jewelry kiosk on the ground floor. “She was crushed. If I don’t see Miss Anna for two days, I worry. I call her.”

Who will worry about Anna Mazella, an Aramark retiree in her 80s, when Thomas closes his business – not by choice – at the end of the month?

In November, the Gallery’s owners, the Pennsylvania Real Estate Investment Trust and the Macerich Co., began to tell dozens of merchants that they would have deadlines to leave – some by the end of December, others at the end of January or February.

Jan 6 2015

Uniontown, Washington Crown Center Malls For Sale

Two malls in Western Pennsylvania were put up for sale by their Philadelphia-based owner as part of its strategy to sell lower-performing properties and improve returns.

Pennsylvania Real Estate Investment Trust said Monday that Uniontown Mall in Fayette County and Washington Crown Center mall in Washington County are among five shopping properties it will try to sell this year.

“I’m a little surprised,” said Jeff Kotula, president of the Washington County Chamber of Commerce, who lives nearby. “Over the past year, the Washington Crown Center has done a lot of upgrades, adding a Marshall’s, Ross and Ulta. From what I’ve seen, they’ve been investing in that mall. The improvements make it very attractive, in my opinion.”

The company said it sold eight properties in other areas in 2014 for a total of $191.7 million. It has sold interests in 16 properties for more than $424 million since its portfolio review began in 2012.

Jun 10 2014

Century 21 Store Owner Pledges To ‘Alter The Retail Landscape’ In Center City

Map of Pennsylvania highlighting Philadelphia County (Photo credit: Wikipedia)

Eddie Gindi met the family Tuesday. No one who ever pledged to a loved one could have been more solicitous.

Executive vice president and co-owner of Century 21, the latest and, arguably, most exotic retailer to commit to Philadelphia, Gindi promised success, devotion and a boundless future.

“We are honored to be part of Philadelphia,” he told an enthusiastic crowd at the Union League. “We want to alter the retail landscape here.”

And more.

Jul 12 2013

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.

Jan 13 2013

Phillipsburg Mall Sold

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.

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