Prominent retail leases signed by EFO Furniture Outlet, Giant Foods and Hobby Lobby negotiated by top dealmakers from Brixmor Property Group, CBL & Associates Properties and Tower Investments are among the first quarter retail leases recognized by CoStar.
As big ticket items involving sizable investments, commercial property transactions often have a wider impact within the community. Beginning this year, CoStar is recognizing the largest leases completed each quarter and the dealmakers who made them happen in their respective market.
Here are the Philadelphia retail leases selected as the First Quarter 2020 winners of the CoStar Power Broker Quarterly Deal Awards:
TOP LEASE: 1001-1051 N Dupont Hwy Dover, DE
Space Leased: 57,820 SF
Deal Type: New Lease
Sign Date: January 1, 2020
Size: 205,708 SF
Tenant: Hobby Lobby
Deal Commentary: This new Hobby Lobby location is the first location in Delaware, with the next closest location in Salisbury, Maryland. The arts and crafts retailer will occupy a space that has sat vacant since 2018 and was previously occupied by ACME Markets.
TOP LEASE: 344 Stroud Mall Rd Stroudsburg, PA
Space Leased: 93,316 SF
Deal Type: New Lease
Sign Date: January 22, 2020
Size: 93,316 SF
Tenant: EFO Furniture Outlet
Deal Commentary: EFO Furniture Outlet, which has four locations in Pennsylvania, leased half of a key anchor spot at Stroud Mall that has been vacant since early 2019. EFO replaces Sears and joins ShopRite as the new arrivals at the mall. EFO and offers furniture and mattresses from known brands. The remaining square footage on the second floor remains vacant and for lease.
TOP LEASE: 1401 S Columbus Blvd Philadelphia, PA
Space Leased: 46,000 SF
Deal Type: New Lease
Sign Date: January 22, 2020
Tenant: Giant Foods
Deal Commentary: This new Giant Foods will anchor a proposed project along the Delaware River waterfront in Philadelphia. The site for this store is between Reed and Tasker streets, South Columbus Boulevard and the Delaware River. Other plans for this site include 35,000 square feet of separate retail space and a Super Wawa. Giant is an American supermarket chain that operates in Virginia, Maryland, Pennsylvania, West Virginia and Washington, D.C. Some stores in these areas operate under the Martin’s brand.
TOP LEASE: 713 E Baltimore Ave Clifton Heights, PA
Space Leased: 32,711 SF
Deal Type: New Lease
Sign Date: March 27, 2020
Size: 92,651 SF
Tenant: Big Lots
Deal Commentary: Located in central Clifton Heights, this Big Lots will be the first anchor tenant in a newly redeveloped strip center. The rest of the center is available for lease with Gator Investments. This will be the first location for the discount retailer in this area, with the next closest location in Norristown.
TOP LEASE: 1130-1170 Mae St Hummelstown, PA
Space Leased: 38,202 SF
Deal Type: New Lease
Sign Date: February 26, 2020
Size: 216,158 SF
Tenant: Big Lots
Deal Commentary: The former Kmart in Hershey will be reopening at as a Big Lots, giving consumers in the area an option for big-box discount shopping. Big Lots will join Five Below, Planet Fitness and T.J. Maxx as new tenants. Big Lots will share some of the old Kmart Space with indoor play center, Where the Wild Things Play. Plans were approved in November for changes that include demolishing a 4,464 square foot area in the back for loading docks and making way for a fast-food restaurant with a drive-thru lane where the Kmart garden center used to be located.
TOP LEASE: 1300-1326 Lititz Pike Lancaster, PA
Space Leased: 15,242 SF
Deal Type: New Lease
Sign Date: January 1, 2020
Size: 82,698 SF
Tenant: Immunotek
Deal Commentary: Adding to its other donation centers around the country, Immunotek leased 15,242 square feet in Lancaster. Immunotek is the global leader in plasma supply. The company offers people compensation in exchange for plasma and then supplies it to patients who require medicine derived from plasma.
TOP LEASE: 6520 Frankford Ave Philadelphia, PA
Space Leased: 7,840 SF
Deal Type: New Lease
Sign Date: January 16, 2020
Size: 53,637 SF
Tenant: Family Dollar
Deal Commentary: Leasing over 7,800 square feet, Family Dollar joins Dollar Tree and Rainbow in Mayfair and adds to the already large number of discount stores in the center. Family Dollar is a discount chain offering a variety of goods including groceries, household items and beauty products. Unlike Dollar Tree, Family Dollar sells goods for over the price of $1.
TOP LEASE: 300 Lincoln Ave East Stroudsburg, PA
Space Leased: 11,338 SF
Deal Type: New Lease
Sign Date: March 3, 2020
Size: 79,080 SF
Tenant: Wine & Spirits Shoppe
Deal Commentary: The state-run Fine Wines & Spirits Shoppe leased over 11,000 square feet in East Stroudsburg. The Pennsylvania Liquor Control Board operates more than 600 Fine Wine & Good Spirits stores, which were originally known as State Store and then PA Wine & Spirits before a statewide rebranding and addition of e-commerce.
TOP LEASE: 11000 Roosevelt Blvd Philadelphia, PA
Space Leased: 6,870 SF
Deal Type: New Lease
Sign Date: March 30, 2020
Size: 87,143 SF
Tenant: Boulevard Laundromat
Deal Commentary: Boulevard Laundromat is the latest tenant at Boulevard Plaza, leasing over 6,800 square feet and projected to move in by the end of May. The laundromat is one of many owned by a long-standing client of Soloff Realty.
TOP LEASE: 3501 Route 42 Turnersville, NJ
Space Leased: 9,800 SF
Deal Type: New Lease
Sign Date: February 1, 2020
Size: 240,773 SF
Tenant: Dollar Tree
Deal Commentary: This new location in Cross Keys Commons, which is set to open this month, will be the third Dollar Tree store in Turnersville. This u-shaped center in Turnersville features anchor tenants such as Walmart, Ross, Marshalls and Staples.
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