CBRE Tapped To Lease Up Fashion District: The Philadelphia Deal Sheet
Fashion District owner Macerich has hired CBRE to lease the shopping mall at the heart of struggling East Market Street.
The landlord has its own leasing team but is looking to bolster its efforts at the property, which was about 20% vacant last year, WHYY reported.
“Working with CBRE, which has a dedicated focus on long-term, harder-to-lease spaces, is another way we are moving even faster to secure the right tenants for our spaces,” said Macerich Senior Vice President of Leasing Jamie Bourbeau.
CBRE’s Erica Schiffman and Anto Keshgegian will lead the charge under the guidance of Executive Vice President Steven Gartner.
Market East's retail space has struggled for decades. Stakeholders pinned their hopes on the Philadelphia 76ers’ plans to build a new arena in the neighborhood, which would have required demolishing part of the Fashion District. The team ultimately nixed those plans and elected to stay in South Philly.
SALES
Swift Food Equipment has sold its longtime 11K SF headquarters across two parcels on North 2nd Street in Old City for $3.6M. The family behind the business first purchased the properties in the 1920s.
National Realty Commercial owner Billy Creagh marketed the property exclusively.
LEASES
Golden Waffles — which provides irons, batter and toppings to hotels and restaurants — will open its new headquarters at 1 Braxton Way in Glen Mills on Aug. 24. The 18K SF space includes a new research and development facility.
***
Two kids’ clothing stores, Carter’s and The Children’s Place, are moving into PREIT’s Viewmont Mall in Scranton amid the back-to-school shopping season. The stores will occupy a total of 7,700 SF.
***
Playa Bowls is moving into Federal Realty Trust’s Wynnewood Shopping Center. The store is set to open this fall. It will be the chain’s second location on the Main Line.
CONSTRUCTION AND DEVELOPMENT
Morgan Properties plans to build two new office buildings totaling 304K SF on the Schuylkill River waterfront in Conshohocken, the Philadelphia Business Journal reported. The company received the necessary variances from the Zoning Hearing Board Monday.
FINANCING
The Philadelphia Housing Authority has issued more than $302M in guaranteed revenue bonds to fund its acquisition program. The agency aims to acquire up to 7,000 affordable units.
