The once dilapidated Cheltenham Mall is revived as a brand new outdoor shopping plaza
(Philadelphia, PA) – Metro Commercial Real Estate, Inc. (Metro), one of the nation’s leading full-service, independent retail real-estate firms, is pleased to announce the grand opening of Greenleaf at Cheltenham, a 429,617-square-foot open air retail shopping center located just outside Philadelphia in Cheltenham, PA.
The revitalization of the former Cheltenham mall is the vision of Sun Equity Partners, whose goal was to breathe life back into the longstanding shopping destination and reposition it as a power center. Metro Commercial is the exclusive broker for Greenleaf at Cheltenham and is responsible for all leasing activity from the preliminary phases through implementation and delivery. A&E Construction served as General Contractor.
The mall opened in 1959 and went through many iterations until Sun Equity purchased it in December 2014. By tearing down a portion of the enclosed mall but still utilizing the bones of it, Sun Equity was able to turn the mall inside out to provide an appealing shopping experience, something the old mall was lacking. Metro was instrumental in finding the tenant mix that fit the growing demographic of the area to provide its residents with the shopping experience they desire.
“Greenleaf at Cheltenham is a perfect example of how traditional malls are being reinvented,” said Max Silver, Senior Sales Associate at Metro Commercial. “By reducing the footprint of the original mall, opening it up and adding more parking, Greenleaf at Cheltenham offers guests an opportunity to experience exciting shopping, dining and health and beauty retailers in a convenient, appealing location.
Anchored by Target, Shop Rite, Burlington and Home Depot, the retail center is now 74% percent leased and pre-leased to tenants including, Marshalls, LA Fitness, TD Bank, Wells Fargo, T-Mobile, Old Navy, Five Below, Chipotle, among others.
“When we bought the Cheltenham Mall we knew that there was an opportunity to turn it into a shopping experience that would better service the community,” said Abe Tress, Director of Operations at Sun Equity Partners. “With the help of Metro Commercial, we were able to secure top tier national brands and completely revitalize the shopping center and the neighborhood. We are proud of what we and our team have been able to accomplish so far and are looking forward to adding more dynamic retail, food and other uses to the center soon.”
“A&E Construction Co. congratulates Sun Equity and Metro Commercial for revitalizing Cheltenham Mall into Greenleaf at Cheltenham, a Class A shopping center in the community. There were some challenges but the owner, township, architect, engineer and A&E all worked together to turn this project into reality. We look forward to working with this team on future projects,” said Tony Santora, President of A&E Construction Co.
Metro Commercial is in negotiation with additional tenants who are slated to be announced in the coming months.
About Metro Commercial
For nearly three decades, Metro Commercial has set the standard as one of the leading, full-service independent retail real-estate firms in the nation. Metro Commercial specializes in tenant and landlord representation, investment sales, property management and development services. We currently represent over 100 national retailers, serve as the exclusive leasing agent for more than 300 properties and manage over 6.5 million square feet of retail space. Fueled by local expertise and national capabilities, our team delivers the results our clients expect. For more information, visit www.metrocommercial.com.