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Colliers Retail Finalizes Sale of Former Cottman Avenue Sears

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Dark Box to be Redeveloped with Colliers as Exclusive Leasing Agent

November 23, 2020  [Philadelphia,  PA] – On behalf of client Rialto Capital Advisors, the Colliers Retail team of Jon Kieserman and Todd Sussman has recently sold the former Sears located at Great Northeast Plaza, a 237,151 square foot, three-story retail property. The Colliers team has subsequently been named exclusive leasing agents for the upcoming large-scale redevelopment by new owners, a joint venture between Abrams Realty and Development (“ARD”) and Bock Development.

The property traded for a sum of $28,750,000.00

“Colliers did a fabulous job helping us to navigate this important transaction during an incredibly challenging time. Our team has an exciting and creative game plan to bring this outstanding real estate back to life.” offered Peter Abrams, owner of Abrams Realty and Development.

The Sears at Great Northeast Plaza closed amidst a wave of national closings in April of 2018 when Sears Holdings Corp., the parent company of both Sears and Kmart, announced it was closing over 100 stores nationwide as it readjusted the business of both brands to growing online competition.

 

Located at 2201 Cottman Avenue, commonly referred to as Cottman and Bustleton, the property is situated in an extremely dense area of Northeast Philadelphia. The site is strategically located less than three minutes from Route 1/Roosevelt Boulevard and enjoys high visibility on both Bustleton & Cottman Avenues, with traffic counts in excess of 40,000 cars traveling past the site each day. SEPTA bus routes 58, 70 and 77 bring consumers directly to the property.

Abrams Realty and Development has reconceived the vacant box as a redeveloped retail center using the existing building. ARD will announce its plan specifics and exciting new tenants for the “Court at Cottman” in the immediate future. Colliers will continue as agent for new leasing at the property.

Abrams Realty and Development has been actively developing ground up and value add retail projects in the greater Delaware Valley since 2005

Contact:

Jon Kieserman  Senior Vice President, Colliers International |
jon.kieserman@colliers.com +1 610 557 0184
Todd Sussman Senior Managing Director, Colliers International | todd.sussman@colliers.com +1 215 850 3304

 

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About Colliers International
Colliers International (NASDAQ, TSX: CIGI) is a leading real estate professional services and investment management company. With operations in 68 countries, our more than 15,000 enterprising professionals work collaboratively to provide expert advice to maximize the value of property for real estate occupiers, owners and investors. For more than 25 years, our experienced leadership, owning approximately 40% of our equity, has delivered compound annual investment returns of almost 20% for shareholders. In 2019, corporate revenues were more than $3.0 billion ($3.5 billion including affiliates), with $33 billion of assets under management in our investment management segment. Learn more about how we accelerate success at
corporate.colliers.com, Twitter @Colliers or LinkedIn.

 

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Jon Kieserman

Sr. Vice President

Conshohocken

Jon Kieserman joins Colliers as a retail leader with over 26 years in the retail business and 20 specializing in retail tenant and landlord representation. Retail is in his blood. Prior to his career in real estate Jon was a tenant himself, leading a family-owned 16 store regional retail operation. Jon began his career in 1997 at Hirshand & Company. In 2004, he was instrumental in the formation of Kohler Group Commercial Real Estate which merged into Fameco Real Estate, the Philadelphia region’s leading retail brokerage firm specializing in retail real estate and the shopping center industry.  Jon spent five years with CBRE as a First Vice President subsequent to the sale of Fameco Real Estate in 2013.

There is nothing Jon enjoys more than rolling up the sleeves and coming together as part of a team with a client to share creative off-market or out-of-the box solutions that succeed in today’s rapidly evolving retail landscape. 

Jon has provided retailer representation and/or disposition services for the likes of Walmart, Sam’s Club, Lowe’s, AutoZone, Wendy’s, Joyce Leslie, Pizza Hut, Taco Bell, Kentucky Fried Chicken, Pep Boys, Circuit City, Jiffy Lube and others. With over 3.5 MSF leased or sold throughout his career and a roster of national tenants, Jon provides exceptional market knowledge and insight into retail in the Tri State region and beyond.

His personal approach is what clients remember long after the transaction - a true partner that is accessible, proactive and results driven.

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Todd Sussman

Senior Managing Director | Philadelphia

Philadelphia

Todd joined Colliers in 2006 and specializes in the sale and leasing of retail properties in the Tri-state area. Todd frequently consults and works closely with developers to identify and acquire key properties throughout the region. Retail and mixed use development, site selection, negotiation, acquisitions, strategic planning, disposition of properties for national retailers are a few of the skills Todd has performed over the years.  Todd also collaborates and develops retail development strategies for retailers throughout the Tri-state area. 

Todd has over 20 years of experience in all aspects of commercial real estate including but not limited to: 

• Asset Management of Apartments, Hotels and Retail Properties

• Brokerage - Leasing and Sales, Management/Training

• Investment properties 

• Development and repurposing of properties

During his tenure at Colliers, Todd has provided creative, strategic solutions to area landlords and shopping centers and brought his expertise to tenants looking to expand, relocate, contract or optimize locations across the region. His understanding of the development process from conceptualization to completion benefits the retail clients and developers he represents.

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