Thank you for sharing!

Your article was successfully shared with the contacts you provided.

SELINGSGROVE, PA-Following final approval from Monroe Township’s board of supervisors, Pennsylvania Real Estate Investment Trust has broken ground on Monroe Marketplace, a 717,000-sf power center. In addition, the Philadelphia-based retail REIT has signed an agreement with Target Corp.

The Minneapolis-based Target will build a 127,000-sf store to anchor the center, which is located on a 125-acre parcel at the intersections of routes 11 and 15, just south of Stettler Avenue. The marketplace’s estimated construction cost is $61.6 million, according to a PREIT spokesman, who says the company has invested $7.3 million to date in site preparation.

The spokesman tells GlobeSt.com that PREIT will sell a pad site to Target. “The price is undisclosed now because the transaction is subject to due diligence and certain other conditions, which have not yet been finalized,” he says. Plans call for a mix of national and regional retailers in the center’s remaining space. Completion is scheduled for summer 2008. Create Architecture Planning & Design of New York City designed Monroe Marketplace.

PREIT also has preliminary plans on its agenda to begin construction of New Garden Town Center in New Garden Township, PA in 2008. It is a 715,000-sf mixed-use project at an estimated development cost of $82.1 million. The mixed-use components are not yet defined, but it’s scheduled for completion in 2009.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt. NET LEASE Spring 2021Event

This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.

Get More Information


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.