Morning Headlines: PREIT Sees Possibility in JCPenney Closure

Screen shot of JCPenney at Exton Square Mall via Google Street View

Screen shot of JCPenney at Exton Square Mall via Google Street View

JCPenney will be shutting down 33 of its department stores, one of which is located at the Exton Square Mall. However, it looks like the Pennsylvania Real Estate Investment Trust (PREIT), the mall’s current owner since 2003, is seeing this as a “when one door closes, another opens” moment.

PREIT has a strong track record in redevelopment of its malls (Cherry Hill, Moorestown, and perhaps, the Gallery?) so the soon-to-be-free 118,00-square-foot space will actually allow the company to re-envision Exton as a retail draw.

PREIT CEO Joseph Cordiano told the Philadelphia Business Journal:

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Will Anthropologie Leave Rittenhouse Square? [UPDATED]

UPDATE: A reliable source tells us that Anthropologie just re-signed, and will, in fact, be staying on.

The circa-1897 Fell-Van Rensselaer building — or as most refer to it, “the Anthropologie building” at 18th and Walnut — was put on the market this summer. At the time, the Philadelphia Business Journal’s Natalie Kostelni said the estimated price could go as high as $40 million. She also noted that Anthropologie, the upscale Urban Outfitters brand, had a “sweet deal” — $14 per square foot.

Indeed, that’s practically cavity-inducing. Jacob Cooper, vice president of MSC, estimates that the market rent for the 25,000-square-foot space on a blended basis — first, second, and third floors combined –would be between $70 and $90 a foot, particularly considering the nontraditional layout of the property.

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WATCH: Leslie Jordan’s Adorable, Hilarious Doritos Commercial

Is there anyone more adorable than Leslie Jordan? Here, the Will and Grace Emmy winner flaunts his cuteness in an ad for Crash the Super Bowl, a competition held annually by Doritos for the chance to have your commercial shown during the next year’s game. He co-stars with hunky models Joel Rush and Nick Ayler, which makes it even that much more fun to watch. Check it out above, and if you’re so inclined, vote for the spot here. Would love to see him get some Super Bowl-ad love.

Philadelphia Retail Market Trends: Asking Prices Are Up

LoopNet has released some trend data, which is always fun, particularly when represented by colorful lines. Here’s how it breaks down. For sales of retail commercial properties, the median asking price per square foot has increased by 8.6 percent in the last three months, and by 7.9 percent since last year.

The news is also good for lease trends.

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Morning Headlines: J. Crew Outlet Is Coming to the Philly Suburbs!

First Madewell–J. Crew’s sister store–chose Walnut Street for its newest location. And now J. Crew Factory–the store’s outlet–comes to the ’burbs.

The commercial real estate group PREIT has announced that the Factory will open at the Plaza Shops at Plymouth Meeting Mall in the fall. Imagine: 6,000 square feet of J. Crew–but less expensive.

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Finnigan’s Wake Is for Sale, and It’s Really Nice Inside When It’s Empty

The Northern Liberties bar Finnigan’s Wake–the subject of so much real estate drama last year–is up for sale for $5 million. Philebrity.com, ever tactful, has some advice for a prospective buyer: “All year long, you’ll be inundated with douchebags of all stripes, and for that, they should really pay you.”

Well, douchebags or no, the inundating visitors will carry wallets. And the listings photos reveal that Finnigan’s Wake, without the presence of all those visitors, has a very attractive interior with a lot of potential for the owner who’s in it for the long haul.

Here’s an excerpt from the real estate listings copy:

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The Philadelphia Area’s 10 Most Popular Commercial Property Listings

According to LoopNet, the premier commercial real estate listing service, the Philly listing that consistently has the highest number of views is that for Trinity Presbyterian Church at 2857 Frankford Avenue, near East Cambria. In the last month, it has been viewed 2,279 times. (Compare that to the 10th-most-popular–23 units and a storefront in Pottstown–which has been viewed 635 times.)

The church is in very poor condition and is now zoned residential despite the fact that there is an active congregation that still gathers and has a thrift store there. The building is being sold for $120,000 as-is.

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The Philadelphia Area’s 10 Most Popular Commercial Property Listings

According to LoopNet, the premier commercial real estate listing service, the Philly listing that consistently has the highest number of views is that for Trinity Presbyterian Church at 2857 Frankford Avenue, near East Cambria. In the last month, it has been viewed 2,279 times. (Compare that to the 10th-most-popular–23 units and a storefront in Pottstown–which has been viewed 635 times.)

The church is in very poor condition and is now zoned residential despite the fact that there is an active congregation that still gathers and has a thrift store there. The building is being sold for $120,000 as-is.

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Nordstrom Rack Responds to Daffy’s Rumors

2013-06-nordstrom-rack-shoesThough we’re 99 percent sure Nordstrom Rack is moving into the former Daffy’s at 17th and Chestnut, no one will yet confirm, least of all Nordstrom itself. The company tells Julie Davis, of Racked Philly:

“We don’t respond to rumor or speculation regarding specific locations. If we have something definitive in place, we’ll share it.”

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