Suburban Philly Retail Project in High Demand
- Aug 20, 2015
The King of Prussia Town Center currently under construction in suburban Philadelphia is leasing up quickly.
JBGR Retail broke ground on the 260,000-square-foot project in May and, according to the Philadelphia Business Journal, 70 percent of the property’s rentable area is already committed. Tenants so far include Nordstrom Rack, REI, LA Fitness, Paladar, Old Town Pour House, Road Runner, Fogo De Chao, PNC Bank, Ulta Beauty, and Hair Cuttery.
The new retail center, which is scheduled to open by fall 2016, is leasing up at an unexpectedly fast pace. The project also marks the developer’s first foray into the Philadelphia market.
“We believed that there was a clear opportunity to build this type of product because the real estate is so good. We were confident we could build a high-quality lifestyle center and have it be successful,” Tom Sebastian, senior vice president of development at JBGR, told the newspaper. “This is A-plus retail real estate.”
King of Prussia Town Center is ideally located off North Gulph Road, adjacent to a new 130,000-square-foot Wegmans. The project is part of a 125-acre mixed-use development that is being built in phases. Plans call for up to 3,000 residential units, 500 hotel rooms, a hospital, and multiple office buildings.
The upcoming retail center will also benefit from plenty of traffic, since it is situated at the convergence of three regional highways: Route 202, the Schuylkill Expressway and Pennsylvania Turnpike. The area’s demographics are also significant with an average household income of $120,421 within a mile; of $113,566 within three miles; and $110,992 within five miles of the site.
Rendering via BCT Architects