History of Penn Real Estate Group
Penn Real Estate Group was established in 1985. The initial focus of the firm was on the acquisition, re-development and management of apartment buildings. All early projects of the firm involved historic restorations in the downtown Philadelphia market with a concentration in the University City and Powelton Village sub-markets. Sixteen residential projects were successfully completed. The firm won numerous awards and commendations for historic renovations including a Commendation from the University City Historical Society for Historic Preservation. The Penn Consumer Board of The University of Pennsylvania awarded the company the coveted AAA rating, placing the firm in the top category for: apartment construction quality, Landlord-Tenant relationships and responsive management.
As the firm evolved, the focus of the firm shifted towards commercial development with a primary emphasis on ground-up retail projects. The firm’s principal has over fifteen years experience in serving on community zoning committees and as a consequence of this experience, a number of the firm’s projects have involved zoning challenges which other firms have been reluctant to undertake. These challenges have often been overcome with the utilization of a collaborative approach involving the community and the local municipality. Such challenges have included the development of a state-of-the-art multiplex cinema on a site zoned for heavy industry in Chester County, Pennsylvania and the development of the first Genuardi’s supermarket in southern New Jersey as part of a mixed use overlay district and zoning change desired by the township. Since this was also the first store for the Genuardi’s chain in the state of New Jersey, it reflected the confidence which that family-owned company placed in Penn Real Estate Group.
Penn Real Estate Group has developed projects for BJ’s Wholesale Club, The Stop & Shop Company, Genuardi’s Supermarkets, Bed Bath & Beyond, Old Navy, Famous Footwear, Annie Sez, United Artist’s Theatres, Ulta3, AC Moore, Petco, TD Banknorth, Arby’s, Exxon, Peace A Pizza, JP Morgan Chase Bank, Bertucci’s Restaurants, The Men’s Wearhouse, Rockaway Bedding, Corners, and 3000 BC Day Spa.