Joint venture buys Penrose Plaza Shopping Center

A joint venture involving Abrams Realty & Development of Elkins Park and Onyx Equities of Woodbridge, N.J., have bought the Penrose Plaza Shopping Center in Southwest Philadelphia from a Korman Commercial Properties subsidiary for $25 million.

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Developers moving forward for redevelopment plan of properties along Lincoln Drive West

At the June 9 meeting of the Evesham Township Council, developers Peter Lazaropoulos and Henry Gorenstein of Lazgor LLC wanted to get a drive-through – not for fast food or a cup of coffee, but an actual drive-through window added to the developers’ agreement for their properties at the 3000, 4000, and 5000 sections of Lincoln Drive West.

Lazaropoulos and Gorenstein originally presented a plan in March that outlined the demolition of several existing office buildings at the site and to construct a 45,000 square foot LA Fitness center, an additional 31,500 square foot retail building and a smaller, 3,600 square foot retail pad site toward the south, close to the already existing Susquehanna Bank.

It was that 3,600 square foot retail pad site that was the focus at the June 9 council meeting, as Lazaropoulos and Gorenstein asked council to allow them to add a drive-through window to the pad site, something not included in their original presentation.

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Cedar buying up Phila shopping centers: $25MM for Lawndale Plaza

Cedar Realty Trust Inc., which under boss Bruce Schanzer has acquired shopping centers in Northeast and South Philadelphia and other city  neighborhoods, has agreed to pay $24.5 million for Lawndale Plaza, a 90,000 sf Lawncrest shopping center built in 1998 by Highland Development Ltd., owned by investors Peter Abrams and Fred Levin and equity partner Glenville Group.

Brad Nathanson with CBRE arranged the transaction for seller Highglen Lawndale Associates LP, says Jason Abrams, partner at Abrams Realty and Development LLC, an Elkins Park development and brokerage company he owns with Peter Abrams, his father.

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Lawsuit over Suburban Plaza in Hamilton withdrawn, developers can proceed with $20 million project

HAMILTON, NJ — More than a year after the township approved it, the $20 million redesign of the mostly vacant, 244,000-square-foot Suburban Plaza is now able to move forward.

The Route 33 project has been delayed since last summer, when four township residents filed an appeal against the township planning board, which approved ARD Hamilton LLC’s proposal to redevelop the site in March 2013.

Those residents — Paul Cortesini, David Geary, Rudy Margiotti and Thomas Zola — withdrew their appeal last week and construction is slated to begin this summer, ARD Hamilton principal Peter Abrams said today.

The appeal followed criticism that the makeover would bring heavy traffic to the neighborhood leading to noise and congestion.

In expert testimony, a state highway official countered that the redevelopment company was actually going to reduce the size of the mall by 40,000 square feet, resulting in less traffic than if the current mall were as prosperous as it ought to be.

The developers contended in response that opposition was a thinly veiled attempt by organized labor to undermine efforts by Walmart to expand operations by opening new stores.

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What Happened to Wal-Mart?

Peter Abrams, principal of ARD,  recently filed suit to expose questionable tactics by certain unions trying to stop individual WalMart development projects.  This recent Op-Ed article in the Trentonian nicely sums up the cost of these tactics to the surrounding community.

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