Federal Realty To Launch $105M Shopping Center Redevelopment: The Philadelphia Deal Sheet
The third and final phase of a major Montgomery County shopping center’s mixed-use redevelopment is set to begin this summer.
Federal Realty Investment Trust is preparing to start its $105M project to build 261 apartments, 35K SF of retail and a 438-space parking garage at the Willow Grove Shopping Center, the REIT announced. The property sits at the intersection of York and Easton roads.
The six-story building at 122 Park Ave. will include eight two-bedroom townhouses. The new retail will be spread across 20K SF of ground-floor space and two pad sites.
The building will replace 130K SF of retail space, which a press release from Federal Realty describes as obsolete.
"Phase III completes our vision for Willow Grove Shopping Center as a true mixed-use destination that serves the community's evolving needs," Federal Realty Vice President of Development Mark Brennan said in a statement.
PEOPLE
Alan Krawitz has joined CBRE’s Philadelphia multifamily capital markets team, according to a social media post from the firm's market leader, Mamadou Baldé. Krawitz, a Center City specialist, previously spent six years as an associate director at GREA Mid-Atlantic.
LEASES
Industrial Investments has secured leases at three of its suburban Philadelphia properties since the start of the year.
Gemini Bakery Equipment Co. took 59K SF at 2445-2465 Maryland Road in Willow Grove. Techline Technologies has leased 38K SF in the Keith Valley Business Park at 500 Enterprise Road in Horsham. Cunningham Piano is renting nearly 15K SF at 450 S. Henderson Road in King of Prussia.
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Haven Veterinary Specialists is leasing 15K SF at 400 Horsham Road in Horsham. The 24-hour emergency care facility is set to open in the first quarter of 2027. A CBRE team including Les Haggett and Scott Miller represented the tenant.
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Vacuum sealer company Chef Preserve has inked a 24K SF lease for warehouse space at Velocity Venture Partners' 1515 Garnet Mine Road. The property has just one 25K SF space remaining.
CONSTRUCTION AND DEVELOPMENT
Brandywine Realty Trust is building a 121-room hotel at 165 King of Prussia Road in Radnor. The property, dubbed The Brandywine, will be part of the Marriott Bonvoy Tribute Portfolio and include two food and beverage options: Merrick’s Tavern and Pomelo Rooftop Lounge.
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A six-story, 105-room Hyatt Studios hotel has been proposed at the site of the Broad Street Diner, The Philadelphia Inquirer reported. The plans will need to be approved by the Zoning Board of Adjustment to move forward.
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Permits have been issued for a 45-unit mixed-use building at 6225-6227 Germantown Ave., YIMBY reported. Construction costs for the design by Ingram/Sageser Architecture and Planning will total nearly $2M.
THIS AND THAT
The Greater Philadelphia Real Estate Hall of Fame has announced its 2026 inductees, who will be recognized at a ceremony scheduled for Oct. 22.
This year’s list includes the late Willard G. Rouse III of Liberty Property Trust, Kaplin Stewart founding principal Marc Kaplin, Brandywine Realty Trust CEO Jerry Sweeney and the development firm Lehigh Valley Industrial Park.
