Loss of a Lease Retailer Provides Opportunity

Real Estate News

It seems every few months brings announcements of another large retailer closing their doors en­tirely or con­solidating to fewer loca­tions. When Bon­Ton Stores declared bankruptcy, Lower Allen Township was rightly concerned with what would happen with the build­ings that anchored the very visible retail center in the township.

The last few years has seen many large vacant boxes con­verted to different uses. Fit­ness and medical centers, warehouse, and entertainment venues are just some of the alternative uses. Considering the functional obsolescence of the BonTon store with 140,00 s/f on two stories, renova­tions for alternative uses were cost-prohibitive. Adding to the property limitations for redevelopment where use restrictions that prohibited fitness and call centers as well as certain types of restaurants and retailers. Additionally, the adjoining 25,000 s/f build­ing previously occupied by Borders, other than some seasonal retailers, had been vacant for several years… continue reading.

OUR NEWS

OUR NEWS