Olde Sproul Shopping Village in Springfield is looking pretty healthy in 2021 despite a vacancy rate that once stood at 65%, writes Natalie Kostelni for Philadelphia Business Journal.
Today, the center is 97% leased.
Kaiserman Co. Inc., owners since 1984, has spent $3 million on upgrades.
The last pre-pandemic lease was Anthony’s Coal Fired Pizza, which signed long-term to open a restaurant and bar.
But when COVID-19 hit, they wanted out.
“A lot of work went in to get Anthony’s in there to begin with,” said Max Kaiserman, director of marketing and revenue at Kaiserman. “A lot of leg work had been done and the deal was going to be canceled.”
That deal was part of Kaiserman’s plans to bring life back to the 70,000 square-foot strip off Baltimore Pike at Rt. 320. Like other retailers, the center was a victim of online shopping and a glut of retail space.
The center’s stores were shuttering, including Sears and Office Depot.
Now, thanks to a “sharing the pain” approach in which the tenant, landlord and lender stay flexible and work cooperatively, the center is nearly full in a pandemic environment.
Read more at the Philadelphia Business Journal about Olde Sproul Village.
