CBRE Brokers Major Transaction in Philadelphia
- Aug 13, 2015
The recent sale of Penrose Plaza Shopping Center in Southwest Philadelphia marks one of the region’s most significant retail transactions this year.
A joint venture involving Abrams Realty & Development of Elkins Park and Onyx Equities of Woodbridge, N.J. paid $25 million to purchase the 263,000-square-foot property from a Korman Commercial Properties subsidiary called Eastwick JV IV and V.
Penrose Plaza is located in one of the most densely populated markets, with more than 14,400 households within a 1.5 mile radius. The center is anchored by the ShopRite supermarket, which is operated by Browns Super Stores, Inc. Besides a high quality tenant lineup, Penrose Plaza also offers its customers generous parking space in an urban setting.
The property’s owners are now planning to expand and remodel the food market, as well as re-tenant the currently vacant 95,000-square-foot former K Mart store.
“In addition to its high visibility, there is also limited retail competition, helping to ensure the ongoing success of the tenants and thus contributing to the center’s ongoing occupancy levels. All of this made this property an exciting investment opportunity,” commented McClernon, senior vice president with CBRE’s Investment Properties division.
The property’s retail competition is limited due to land constraints created by the U.S. Postal Service Processing and Distribution Center, Philadelphia International Airport runway clearances, The John Heinz National Wildlife Preserve, Interstate 95, and the Delaware River.
Photo credits: Abrams Realty & Development