Developers are turning an eye toward secondary markets, where residents and employment are increasing slowly.
New York, New Jersey, Pennsylvania and Delaware make up only a small portion of the United States, but they are a potential gold mine for retailers and developers. The four-state Northeast region is home to three of the nation's largest metropolitan statistical areas (MSAs): New York (ranked No. 1 in the United States), Philadelphia (5) and Pittsburgh (19).
Nearly 39 million of the nation's residents -- 14.68 percent of the population -- call the Northeast home. Although Delaware is one of the least populous states in the nation, New York is the third most heavily populated state, and Pennsylvania and New Jersey rank fifth and ninth, respectively.
The region also ranks high in per capita income. According to the U.S. Census Bureau, as of 1995, New Jersey had the second highest per capita income in the nation ($28,858), followed by New York (ranked fourth), Dela-ware (eleventh) and Pennsylvania (eighteenth). From 1994 to 1995, those states experienced an average increase of 4.6 in per capita income.
Robust numbers such as those have retailers moving throughout the region. "The whole market is hot," says Daniel Hughes, president of Metro Commercial Real Estate Inc., Mt. Laurel, N.J. Pointing to New Jersey, Delaware and the eastern half of Pennsylvania, he reports, "There are large projects planned in just about all of those areas."
"Everything is hotter than hot," adds Susan Bands, an investment sales associate for Grubb & Ellis, New York. She notes that the market is blazing from the $100-plus per sq. ft. corners of New York City to more rural sections of Pennsylvania and New Jersey, where rents can dip below $30 per sq. ft.
Pennsylvania >From population to economic growth, Pennsylvania supports optimism for retail. The U.S. Census Bureau reports that, although the state lost 42,000 residents between 1995 and 1996, the loss was offset by international immigrants; as a result, the state showed a 1.5 percent population increase for the period.
Bordering New Jersey, Pike and Monroe Counties, in particular, have experienced a population boom since 1990. According to the Pennsylvania State Data Center (PSDC; state data centers are affiliated with the U.S. Census Bureau), Pike has grown 36.4 percent and Monroe 24.9 percent, making these comparatively undeveloped counties areas to watch.
Pennsylvania's employment has risen as well. From 1992 to 1996, the growth rate for new businesses in Pennsylvania was 3.6 percent, with the largest increases in Montgomery and Allegheny counties, according to PSDC.
Only six of Pennsylvania's 67 counties lost jobs between 1992 and 1996. At the same time, three counties -- Montgomery, Chester and Bucks -- shared the state's top job honors, with Montgomery County showing employment growth of more than 34 percent.
By contrast, Philadelphia County has watched residents and businesses move out. According to PSDC, between 1992 and 1996, Philadelphia County lost 5.5 percent of its population (more than 86,000 persons) and 476 businesses.
Despite the losses, Philadelphia MSA remains a desirable area for retailers, says Norman Kranzdorf, president and chief executive officer for Conshohocken, Pa.-based Kranzco Realty Trust. He notes that Kohl's, Target and Costco are spurring big-box development activity in the greater Philadelphia area, which overlaps northern Delaware and southwestern New Jersey.
Kranzdorf predicts additional growth for the area, but he admits that it will probably slow "once Target and Kohl's get all the stores they want." For now, demand for new sites exceeds supply, notes Hughes. "It's becoming harder and harder to find land in appropriate locations that is zoned," he says, adding that vacancy rates for greater Philadelphia are "hovering around 6 or 7 percent."
New Jersey and Delaware As in Pennsylvania, population growth is slow in New Jersey, and, according to the New Jersey State Data Center (NJSDC), it is projected to remain slow through 2005. Growth in the labor force is expected to slow as well, due primarily to the advancing age of the Baby Boomers.
New Jersey's total employment growth for the period 1994--2005 is projected to be 10.9 percent, which falls short of the nationwide projection of 14.9 percent. Through August 1997, the state's unemployment rate was 5.2 percent, its lowest since August 1990.
Modest growth is forecast for New Jersey retail; according to NJSDC, the number of miscellaneous retail stores are expected to increase 16.5 percent through 2005. Retail industry observers are bullish on all areas of the state.
Richard Brunelli, president of R.J. Brunelli & Co., Old Bridge, N.J., says there are seven or eight hot regional shopping areas in the central and northern parts of New Jersey. The Paramus area, he notes, is particularly hot, and East Hanover, Middletown and the Princeton areas are experiencing "strong and renewed interest."
New Jersey's retail vacancy rates are holding steady at about 5 or 6 percent, says Brunelli, adding that big boxes still rule the roost. Target, Circuit City and P.C. Richards are among the more active big-box retailers, and the former are moving in neighboring Delaware as well.
Bordering Pennsylvania and New Jersey, Delaware's geographic size is no indication of its well-being or retail opportunity. The state's population has grown 8.8 percent since 1990, resulting in a current total of 724,842, according to the Delaware State Data Center (DSDC).
As of 1996, Delaware's per capita income was $23,654. DSDC also reports that, over the last 10 years, the state's per capita income has grown an average of 5.3 percent annually, compared with a nationwide benchmark of 4.9 percent.
As of July 1997, Delaware's unemployment was 4.3 percent, down from 5.1 percent a year earlier. Wilmington County showed the highest unemployment (6.3 percent), while Sussex County, located in the southern part of the state, registered the lowest rate (3.3 percent).
Delaware's top two employers are the state government and the Wilmington-based chemical giant E.I. Dupont, which together employ 28,260 employees. Retail is the fifth largest industry in the state.
In addition to Delaware's big-box activity, driven by Circuit City, Costco and Target, grocery stores are battling for market share. Super G, Genuardi's, Super Fresh and Pathmark are moving aggressively in Delaware, just as they are in Pennsylvania.
New York Within the Northeast region, some of the most exciting retail changes are occurring in New York, where urban redevelopment is revitalizing Manhattan retail, and tax reform is boosting sales statewide.
Traditionally, New Yorkers have shopped in neighboring Connecticut and New Jersey, and even as far away as Pennsylvania, because those states do not impose sales tax on clothing purchases. In an effort to reel shoppers back into its borders, New York has experimented with limited sales tax cancellations and has plans to enact a new policy in 1999.
In addition to the tax break, New Yorkers are experiencing a resurgence of retail in New York City. There, the economy, coupled with efforts to lower crime and improve cleanliness, has boosted tourism and retail.
"I don't see any slack in the marketplace. People like to be in the city. Business is very strong," says Charles Aug, chairman of Garrick-Aug Associates Store Leasing Inc., New York. "Employment is up, the regional economy is very vibrant, and this is the marketplace that most big retailers would like to be in."
Activity in the last year alone suggests there are few major retailers that have not made a move in The Big Apple. The following district developments serve up a sampling of the island mania:
* At Harlem USA, a joint development of Gotham Organization Inc. and Grid Properties, both based in New York, tenants are lining up for the project's 1998 completion. The 275,000 sq. ft. development will include Cineplex Odeon, The Gap, The Disney Store, RadioShack, Barnes & Noble, Watch World and more.
* The Shops at Citicorp, owned by New York-based Citibank N.A., is undergoing renovation in time for its 20th anniversary next spring. In addition to receiving a facelift, existing retailers in the Citicorp Building will be joined by Houston's, CitySports and Cinnabon, each of which is making its Manhattan debut.
* At Times Square, a consortium of developers (including The Walt Disney Co., Anaheim, Calif.; Forest City Ratner Cos., New York; Tishman Development, New York; and Prudential Real Estate Investors, Shorthills, N.J.) is revamping Manhattan's most infamous district. The much-publicized arrival of The Disney Store gave way to renovation of the New Amsterdam theater, former home of the Ziegfeld Follies, which now serves as home to Disney's stage musicals.
* In the same area, Tishman Development is planning eWalk, a 200,000 sq. ft. project due next fall. In addition to specialty tenants, the project will include themed restaurant Vegas! and a 13-screen Sony Theater complex.
In addition to the retailers joining those projects, New York City has welcomed a host of others, including Just For Feet, HMV, AMC Theaters, Marvel Mania, Bed Bath & Beyond, Kmart and Toys "R" Us. Furthermore, many of the big boxes -- including Costco, Kmart and Target -- have expressed interest in the city's outer boroughs, says Aug.
The merger between Chase Manhattan Bank and Chemical Bank left vacant some significant retail corners in the New York metropolitan area, according to Frank Terzulli, president of Winick Realty Group. The New York-based real estate services firm is handling the disposition of those sites.
"These are unique locations; locations that have not been available for years," remarks Cory Zelnick, managing director at Winick.
In addition to the disposition service for Chase, Winick is in the hunt for sites for local drug store chain, Duane Reade. "The chain, which has 80 units, wants to double its presence in this area over the next two years," Zelnick says.
Randy Briskin, retail development director for New York-based The Feil Organization, notes that retailers are zeroing in on properties close to Manhattan. "I think the big-box retailers have focused in on the fact that there is a huge population base to tap off of," Briskin says. "That has been ignored for a number of years, and they've spent the last two years refocusing on it."
The result, says Aug, is something of a space crunch. He notes that there are about 1,800 to 1,900 vacancies in New York City, down from about 3,300 four years ago. "Right now the occupancy rates on retail are very tight," he notes. "The market has reduced itself dramatically over the last five years."
Happily, notes Briskin, rental rates have risen along with the occupancies. "The tide is coming in at the moment," he says.
Throughout the Northeast, major MSAs such as New York, Philadelphia and Pittsburgh will remain key retail centers. However, in addition to current urban activity, the region is showing signs of a demographics shift, as more people move from the cities to less developed areas.
That trend, says Bands of Grubb & Ellis, could signify a coming emphasis on community and neighborhood developments. In the meantime, grocery stores and big-boxes will continue to generate the major portion of the Northeast's retail.
William Lengeman is a Hummelstown, Pa.-based freelance writer.
Delaware * Toronto, Ontario-based The Cadillac Fairview Corp. has expanded Dover Mall in Dover. The project included the addition of 60,000 sq. ft. to an existing Boscov's store and the construction of a new, 140,000 sq. ft. Strawbridge Department Store. At 873,000 sq. ft., Dover Mall also is anchored by Sears, JCPenney and Hecht's. It is managed by-based General Growth Properties Inc.
* Philadelphia-based PREIT-Rubin Inc. has broken ground on phase I of Christiana Center, a 290,000 sq. ft. power center in Newark. Located adjacent to Christiana Mall, the center will be anchored by Costco Wholesale and will include tenants from the apparel and sporting goods retail segments. The center is scheduled to open in summer 1998.
* B.T. Center Associates L.L.C., Wilmington, Del., is building Brandywine Town Center, an 850,000 sq. ft. project in northern New Castle County. Upon completion in spring 1999, the center will feature a combination of shopping, entertainment and dining choices, including Target (140,000 sq. ft.), Lowe's (140,000 sq. ft.), Regal Cinemas & FunScape (140,000 sq. ft.), Bed Bath & Beyond (45,000 sq. ft.), and Dick's (50,000 sq. ft.).
New Jersey * Caesars World Inc. and Los Angeles-based Gordon Group Holdings Ltd. are building a $250 million, themed entertainment, retail and gaming resort in Atlantic City. Plans for the project call for a two-level, mythological village that includes 140,000 sq. ft. of retail and restaurants; a 40,000 sq. ft. casino; large-format projection theater screens; and a gated attraction that simulates a voyage to the ocean depths. The project is to be located on a pier, across the famed Boardwalk from Caesars Atlantic City. It is scheduled for completion in September 2000.
* Hazlet, N.J.-based Starwood Ceruzzi Hazlet L.L.C. is building Hazlet Shopping Center, a 191,000 sq. ft. power center in Hazlet. Anchors for the center include The Home Depot (131,000 sq. ft.), The Sports Authority (43,000 sq. ft.) and Tutor Time (12,000 sq. ft.). Phase I of the development opened this year, and phase II will open by summer 1998. The center is managed by Westport, Conn.-based Ceruzzi Properties L.L.C.
* The Mills Corp., Arlington, Va., and Kan Am, Atlanta, are building Meadowlands Mills, a 2.1 million sq. ft. value- and entertainment-oriented project in Carlstadt. Located adjacent to the Meadowlands sports complex, the project will feature more than 200 specialty retailers and a variety of restaurants and entertainment tenants.
* RD Elmwood Associates L.P., Port Washington, N.Y., is expanding and renovating Elmwood Park Plaza, a 120,000 sq. ft. community center in Elmwood Park. Scheduled for completion in 1999, the project will add 50,000 sq. ft. to the property and add Kay Bee Toy Store to the tenant roster. Current anchors include Grand Union, Walgreens and Blockbuster.
* The Rouse Co., Columbia, Md., is expanding Echelon Mall, a 1 million sq. ft. regional mall in Voorhees. Featuring Strawbridge, JCPenney and Boscov's, the center is adding Sears to its anchor roster. The new store will open next fall.
The Rouse Co. also is renovating and expanding Paramus Park, a 755,000 sq. ft. regional mall in Paramus. Anchored by Macy's and Sears, the center is undergoing remerchandising, with new restaurants and superstores scheduled to open in spring 1999. Upon completion, Paramus Park will total 850,000 sq. ft.
* Rochester, N.Y.-based Wilmor-ite Inc. is expanding Freehold Raceway Mall in Freehold. At 1.4 million sq. ft., the center is anchored by Nordstrom, Lord & Taylor, Sears and JCPenney. Macy's (240,000 sq. ft.) will join the anchor roster as part of the expansion, and space is being added to Lord & Taylor and to the mall. Macy's and Lord & Taylor will be complete early next year, while the mall expansion is slated to open in mid-1998.
* Konover & Associates Inc., West Hartford, Conn., is developing West Milford Town Center in West Milford and an as-yet-unnamed center in Hamptontownship. Both projects, described as neighborhood or community centers, are planned for completion in spring 1999.
* Indianapolis-based Simon DeBartolo Group Inc. is renovating Bergen Mall in Paramus. The 901,849 sq. ft. center, which is anchored by Marshalls, Stern's, Off 5th--Saks and Value City, is adding Computer City (30,000 sq. ft.) and Baby Depot (40,000 sq. ft.) to its tenant roster. The project is scheduled for completion by 2000.
In East Brunswick, Simon DeBartolo is expanding and renovating Brunswick Square. In addition to renovation of the mall, the project includes the addition of Barnes & Noble (25,000 sq. ft.) and the expansion of Brunswick Cinema. Brunswick Square, which totals 738,851 sq. ft., is anchored by JCPenney and Macy's. The expansion and renovation will be complete by 1999.
* National Realty & Development Corp., Purchase, N.Y., has completed the following projects:
--Pohatcong Plaza, a 332,695 sq. ft. center in Phillipsburg, has opened. It is anchored by Wal-Mart (128,212 sq. ft.), Toys "R" Us (30,495 sq. ft.), Edwards Supermarket (59,111 sq. ft.) an Regal Cinema (43,500 sq. ft.).
-- Liberty Square Shopping Center, a 335,000 sq. ft. community center in Burlington, has been renovated. Space formerly occupied by Bradlees has been reconfigured to accommodate Toys "R" Us (34,300 sq. ft.), Acme Supermarket (63,500 sq. ft.) and Marshalls (37,000 sq. ft.). Expansion of the center, including the addition of 17,000 sq. ft. of retail space, is scheduled for completion next June.
-- Wal-Mart Plaza, a 227,000 sq. ft. community center in Clinton, has been renovated.
* Los Angeles-based Westfield Holdings Ltd. and RodAmco NV, Netherlands, have renovated Garden State Plaza, a 2 million sq. ft. superregional mall in Paramus. In addition to renovation of the existing center, the project included the conversion of an existing truck tunnel into 50,000 sq. ft. of retail space. Garden State Plaza is anchored by Macy's, Nordstrom, JCPenney, Neiman Marcus, and Lord & Taylor. It is managed by Los Angeles-based Westfield Corp. Inc.
* Columbus, Ohio-based Glimcher Properties L.P. is building Jersey Gardens (formerly New Jersey Metro Mall), a 1.2 million sq. ft. value- and entertainment-oriented mall in Elizabeth. Tenants have yet to be announced for the project, which is scheduled for completion in fall 1999.
* Plymouth Meeting, Pa.-based IKEA Center Urban Renewal L.P. continues its expansion of Elizabeth Center in Elizabeth. Located off exit 13A of the New Jersey Turnpike, the retail complex already a 268,244 sq. ft. IKEA store, a 98,000 sq. ft. Toys "R" Us KidsWorld and 185,000 sq. ft. of available retail space. IKEA recently purchased a 38-acre parcel and intends to add more than 80,000 sq. ft. to its existing store and to expand Elizabeth Center by up to 250,000 sq. ft. When the $55 million project is complete, Elizabeth Center will comprise 58 acres and more than 800,000 sq. ft.
New York * RD Crossroads Associates L.P., Port Washington, N.Y., has renovated Crossroads Shopping Center, a 310,923 sq. ft. community center in White Plains. In addition to a new facade, the center received sidewalks and asphalt replacements. Crossroads Shopping Center is anchored by Caldor, Waldbaums, and Barnes & Noble.
* Rochester, N.Y.-based Wilmorite Inc. is expanding The Marketplace, a 1 million sq. ft. regional mall in Rochester. The project includes the expansion of Kaufmann's (completed last month), as well as the addition of Marketplace Center, a 350,000 sq. ft. power center adjacent to the mall. Tenant grand openings for Marketplace Center are scheduled for the end of 1998.
* Los Angeles-based Westfield America Inc. has completed expansion of South Shore Mall, a 1 million sq. ft. superregional mall in Bay Shore, Long Island. The project added a new Sears department store, as well as 40,000 sq. ft. of new GLA to the center. South Shore Mall also is undergoing renovation, which is scheduled for completion this month. Anchored by Macy's, JCPenney and Sears, the center is managed by Los Angeles-based Westfield Corp. Inc.
* Bay Shore, N.Y.-based Starwood Ceruzzi Gardiner Manor L.L.C. is redeveloping Gardiner Manor Center, a 550,000 sq. ft. power center in Bay Shore. Scheduled for completion next fall, the project includes buy-out and relocation of existing tenants; demolition and remediation of the site; and construction of 450,000 sq. ft. of retail space. The center is anchored by Target, Sterns, King Kullen Supermarkets, Barnes & Noble, and Old Navy Clothing Co. It is managed by Westport, Conn.-based Ceruzzi Properties L.L.C.
* Indianapolis-based Simon DeBartolo Group Inc. has opened The Source ValuPlex, a 735,669 sq. ft. value- and entertainment-oriented center in Westbury, Long Island. An existing Fortunoff store was the centerpiece for the project, which also includes Nordstrom Rack, Off 5th--Saks Fifth Avenue Outlet, Circuit City, Loehmann's, Virgin Megastore and Rainforest Cafe.
* Chattanooga, Tenn.-based CBL & Associates Properties Inc. has opened the newly renovated and expanded Cortlandt Town Center in Westchester County. In addition to complete renovation of the power center, the project included the addition of more than 400,000 sq. ft., bringing the center's size to more than 750,000 sq. ft. New tenants include Wal-Mart, The Home Depot, A&P Supermarket, HomePlace, United Artists Theater, Steinbach, Barnes & Noble, Modell's Sporting Goods, Old Navy Clothing Co. and Party City.
* Boston-based Net Realty Holding Trust is redeveloping and expanding Suffolk Plaza Shopping Center, a 58,264 sq. ft. neighborhood center in Setauket. Space (37,224 sq. ft. ) currently occupied by a supermarket and a pharmacy is being demolished and replaced with a 56,759 sq. ft. supermarket and 6,800 sq. ft. of satellite space. The center will total 84,900 sq. ft. when completed next September.
* Hartford, Conn.-based Phoenix Realty Advisors Inc. is redeveloping Waverly Plaza, a 98,620 sq. ft. neighborhood center in Patchogue. The project includes updating structure, the parking lot, lighting and signage, as well as the addition of new tenants. Anchored by Pep Boys and Genovese Drugs, the center is scheduled to open in spring 1998. It is managed by The Hutensky Group, Hartford, Conn.
* New York-based Mid-Bronx Desperadoes will break ground next spring on New Horizons, a 132,495 sq. ft. neighborhood center in South Bronx. The center will be anchored by Pathmark Super Store. It is managed by The Hutensky Group, Hartford, Conn.
* West Hartford, Conn.-based Konover & Associates Inc. has renovated West Hill Plaza, an 80,031 sq. ft. neighborhood center inSaratoga Springs. In addition to receiving a facelift, the center has undergone retenanting. It is anchored by Grand Union Supermarket.
Similarly, Konover & Associates Inc. is renovating Hechinger Plaza (183,799 sq. ft.) in Dewitt and Ames Plaza (70,300 sq. ft.) in Malone. Renovation and retenanting for Hechinger Plaza is scheduled for completion next spring, and Ames Plaza follows in third quarter 1998.
* Norton Shores, Mich.-based Horizon Group Inc. has completed phase III of Finger Lakes Outlet Center in Waterloo. The project added more than 68,000 sq. ft. of GLA to the center, which now totals more than 392,000 sq. ft. Sixteen new merchants opened with the completion of the phase III.
* Cary, N.C.-based FAC Realty Trust Inc. will break ground next year on Lake Carmel Factory Shoppes in Kent. The 340,766 sq. ft. power outlet center will feature retail, entertainment and dining on a 90-acre site.
* The Shopco Group L.P., New York, and Prestige Properties & Development Co. Inc., New York, are building The Mall At Bay Plaza in The Bronx. The 900,000 sq. ft. center is scheduled for completion in 1999.
* Cleveland-based Forest City Enterprises Inc. has completed a $4 million renovation of Boulevard Mall, New York's first enclosed shopping center, built in 1961 in Buffalo. The project included the addition of skylights; new tile flooring; a fountain and tropical palm trees at Center Court; wrought iron, decorative seating; and modernized landscaping.
* Jericho, N.Y.-based Rosen Associates Management Corp. is redeveloping Pearl River, a 60,000 sq. ft. center in Pearl River. The project includes the addition of new anchor space, which will be completed next year. Rosen Associates also is planning to develop LaGuardia Place, a 60,000 sq. ft. center in Astoria. Located on the site of a former munitions factory, the center will be anchored by a supermarket and drug store. A completion date has not been announced.
Pennsylvania * Chicago-based General Growth Properties Inc. is expanding Neshaminy Mall, a 946,000 sq. ft. regional mall in Bensalem. Anchored by Sears, Strawbridge and Boscov's, the center is receiving a 95,000 sq. ft AMC Theatres. The project is scheduled for completion next November.
* The Rouse Co., Columbia, Md., is expanding and renovating Exton Square, a 434,000 sq. ft. regional mall in Exton. The project includes the addition of Boscov's, JCPenney and Sears, as well as a food court and new retail space. Upon completion in fall 1999, Exton Square will total 1 million sq. ft. It is currently anchored by Strawbridge.
The Rouse Co. also is expanding and renovating Plymouth Meeting, a 770,000 sq. ft. regional mall in Plymouth Meeting. The project will involve center-wide remerchandising and renovation, as well as the opening of new restaurant anchors, a theater complex and a food court. Upon completion next summer, Plymouth Meeting will total 1 million sq. ft. It is anchored by Strawbridge, IKEA and Boscov's.
* Bethesda, Md.-based First Washington Realty Trust Inc. has expanded Kenhorst Plaza, a 161,434 sq. ft. neighborhood center in Reading. The project included the addition of a 25,000 sq. ft. Sears Paint and Hardware store. Additional anchors for the center include Redner's, Rite Aid, Fashion Bug and Hollywood Video.
First Washington Realty Trust Inc. also is expanding and renovating 154,027 sq. ft. City Avenue Shopping Center in Philadelphia and 134,367 sq. ft. Newtown Square Shopping Center in Newtown Square.
* Blue Bell, Pa.-based Vesterra Corp. is planning to develop Montgomery Square, a regional power center in Montgomery Township. Scheduled to open in spring 1999, the center will be anchored by Target and will feature more than 400,000 sq. ft. of retail space.
* Kravco Co., King of Prussia, Pa., has completed renovation of Springfield Mall, a 594,886 sq. ft. center in Springfield. The project involved renovation of the center's common areas, including the addition of skylights over center court, a glass feature elevator, marble tile, lighting, landscaping, signage, retail merchandising units and a customer service booth. Exterior upgrades included new parking lot lighting, as well as new entrances, signage, lighting and landscaping.
* West Hartford, Conn.-based Konover & Associates Inc. has renovated and expanded Ames Plaza, a 125,760 sq. ft. community center in Carbondale. The project included a facelift, as well as the expansion of the center's supermarket anchor. In addition to Ames, the center features CVS pharmacy.
* The Cafaro Co., Youngs- town, Ohio, is building Millcreek Pavilion in Erie. The power center will total 480,000 sq. ft. when it is completed next year.
* An expansion is expected to be completed at the end of this year on Barn Plaza (185,000 sq. ft.) in Doylestown. Managed by Conshohocken, Pa.-based Kranzco Realty Trust, the community center will welcome a 14-screen Regal Cinema complex, Applebee's Neighborhood Bar & Grill, and Einstein Bagels.
This spring, Kranzco will replace anchor Jamesway at two community shopping centers. Ames will join Kmart and Jubilee supermarket at Bradford Mall (292,000 sq. ft.) in Bradford and will anchor Valley Forge Mall (177,000 sq. ft.) in Phoenixville.