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Tuesday, February 21, 2012

Grant Plaza owner: New loan, new tenant

Owners of Northeast Philadelphia's Grant Plaza shopping development, listed by Morningstar Credit Ratings LLC last month among the many commercial real estate properties whose loans had gone to a special servicer, has attracted new tenants, and is "96 percent" leased, says Isaac D. Massry of Wharton Realty Group, Eatontown, Grant Plaza owner since 2005.

The former loan on the property "was refinanced with Beneficial Bank at the end of December" and previous lenders paid in full, Massry told me. Former tenant Eckerd Drugs' replacement, Dollar Tree, pays "similar rent," he added. Video chain Blockbuster's departure was replaced by Sleep's "within a few days."

Plus there's a new tenant in the works: "We are also excited about welcoming Supreme China Buffet who signed a lease for 11,000 square feet and is expected to open within a  month or two."

Massry praised Grant Plaza as a "neighborhood landmark" and adds that "we plan on holding onto this asset for the long term.

 
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About Joseph N. DiStefano
Joseph N. DiStefano writes this blog to feed his PhillyDeals column in the Philadelphia Inquirer. Joe has been a member of Bloomberg LP’s New York Finance Team, wrote the book “Comcasted,” taught writing at St. Joseph’s University, and studied economics and history at Penn. Reach Joe at 215-854-5194 and JoeD@phillynews.com
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