Cushman & Wakefield Closes Suburban Philly Retail Sale
- Apr 27, 2020
Cushman & Wakefield Capital Markets has brokered the disposition of Lawnside Commons, a 151,000-square-foot shopping center in Lawnside, N.J. A partnership between MCB Real Estate and United Hampshire US REIT acquired the asset for $31.6 million.
According to public records, Urban Edge Properties sold Lawnside Commons. The team assisting the seller also procured the buyer. Andrew Merin, David Bernhaut, Gary Gabriel, Brian Whitmer, Kyle Schmidt, Karen Iman, Keith Braccia and Max Helfman spearheaded the transaction.
Located on 19 acres at 310 White Horse Pike, the retail center opened in 1970. At the time of sale, the property was 100 percent leased to anchor tenant Home Depot, Mattress Firm, T-Mobile, PetSmart and Wendy’s. The average tenant tenure is 23 years. Situated close to the New Jersey Turnpike and Interstate 295, the mall is some 12 miles from downtown Philadelphia. White Horse Pike has a daily traffic of 34,000 cars and 286,000 people with an average household income of $100,000 reside within 5 miles of the property, according to Cushman & Wakefield data.
Earlier this month, another Cushman & Wakefield team arranged the $22.6 million sale of Denville Commons, a 73,000-square-foot retail property in Denville, N.J. The Corrado’s Market-anchored asset was 90 percent leased at the time of sale.