This Week's Philadelphia Deal Sheet: Cult Chain Reformation Opens Philly Outlet
Clothing chain Reformation has opened its first Philadelphia location in Rittenhouse Square.
The sustainable fashion chain with a cult following is leasing a one-story property at 1723 Walnut St. from Midwood Investment & Development, a company spokesperson told Bisnow. The store was formerly the home of Outdoor Voices.
Reformation was represented by Charlie Koniver and Jaclyn Gottesman of Odyssey Retail Advisors. Terms weren't disclosed.
“Center City is in the heart of Philadelphia and offers access to a diverse range of audiences, from tourists to university students and staff to locals running errands and heading to and from work,” the Reformation spokesperson said. “Especially when entering a new market, we focus on identifying locations that lie at the cultural and often literal center of the city.”
The store opened Wednesday. It is among 18 new locations planned over 2023 and 2024 in markets like Detroit; Charleston, South Carolina; Tampa, Florida; and Scottsdale, Arizona.
LEASES
Federal Realty Investment Trust has announced six new tenants at the Mercer on One Shopping Center in Lawrenceville, New Jersey, a year after the mall’s rebrand, according to Chain Store Age.
The Mercer on One, formerly known as the Mercer Center, will see the opening of an 18K SF Bloomingdale's Outlet this fall and a 6K SF J. Crew Factory and 5K SF Sephora this winter.
Next year, a 4K SF D1 Sports & Athletics store will open along with two restaurants, a 9K SF Lazy Dog Restaurant & Bar and a 3K SF Nan Xiang Express.
Federal Realty holds 102 properties with 3,300 tenants, according to the news site.
SALES
Colony Hills Capital and Balfour Beatty have acquired a 296-unit apartment complex for $80M from a private seller, according to JLL.
The firms purchased Mount Laurel Crossing, about one hour east of Philadelphia.
The property features one-, two- and three-bedroom units and offers a dog park, tennis, pickleball and basketball courts, a baseball field, an open field and a children's play area.
Colony Hills Capital is based in Wilbraham, Massachusetts, and Balfour Beatty is a global infrastructure firm with a Philadelphia office.
JLL’s Fran Coyne, Carl Fiebig, Jose Cruz, Mike Oliver, Samantha Kupersmith and Tyler Margraf worked to sell the property to the new owners.
“We are thrilled to have facilitated the $80 million sale of Mount Laurel Crossing,” Coyne said in a release. “This transaction underscores the strong desirability of the Mount Laurel submarket and the appeal of well-maintained, amenity-rich multifamily properties.”
DEVELOPMENT
J.G. Petrucci has partnered with Boston-based private equity firm Cabot Properties to begin to develop a warehouse distribution center at 4626 Somerton Road in Bensalem, according to the Philadelphia Business Journal. Terms of the deal weren't disclosed.
Asbury, New Jersey-based J.G. Petrucci Co. also recently bought an industrial building at 717 Callowhill St. in Philadelphia for $8.6M.
