Retail Center in Philadelphia Sells for $52M
- Apr 11, 2017
HFF recently secured the $52.4 million sale of Bakers Center, a 236,719-square-foot grocery-anchored shopping center in Philadelphia. The firm represented the sellers—Metro Development Co., Carlino Commercial Development and US Realty Associates Inc.
Bakers Center is located on a 27.4-acre lot at 2800 Fox St. and includes roughly 164,000 square feet of retail space, small shops, offices and pad sites. The property was developed between 2011 and 2015 and is anchored by ShopRite, Ross Dress for Less and Planet Fitness. Wendy’s, Kicks USA, Dollar Store, Subway, Joyce Leslie, Hair Buzz, Warrick Uniforms, Victoria’s Kitchen and Restaurant Depot are also among the tenants.
The HFF team representing the seller was led by Managing Director Chris Munley, Associate Director Michael DiCosimo and Senior Managing Director Jose Cruz. Gregory Bianchi, vice president of US Realty Associates Inc., assisted with the acquisition as well.
“The city of Philadelphia has a limited supply of grocery-anchored shopping centers of this size and quality, which made Bakers Centre a rare opportunity for investors,” Munley said in a prepared statement. “Compounding the scarcity of the opportunity with a premium anchor in ShopRite, Philadelphia’s No. 1 grocer by market share, and a location poised for future growth, the asset received wide institutional interest.”
HFF recently closed the $51 million sale of Plaza 23, a 161,000-square-foot shopping center located in Pompton Plains, N.J.
Image courtesy of GeoStructeres Inc.