Newly Redeveloped Grocery-Anchored Shopping Center Sold by Institutional Property Advisors in Philadelphia
29 November 2021 - 3:15PM
Business Wire
Institutional Property Advisors (IPA), a division of Marcus
& Millichap (NYSE: MMI), announced the sale of Penrose Plaza, a
258,494-square-foot shopping center in Philadelphia, Pennsylvania,
at a purchase price of $52 million.
“Penrose Plaza was recently redeveloped and renovated in 2017
with a host of national tenants being added to the roster,
including Planet Fitness, DD’s Discount, Citi Trends, Fine Wine
& Good Spirits, and Chase Bank,” said Brad Nathanson, IPA
senior managing director. Anchoring Penrose Plaza is also a newly
expanded and renovated 68,174-square-foot Shoprite Supermarket, a
tenant at Penrose Plaza since 2004.
“The property is situated along the South Philadelphia Island
Avenue corridor, which is underserved with retail in a
high-barrier-to-entry urban infill market with over 144,000 people
within three miles,” added Nathanson. “Given the lack of new, urban
grocery-anchored supply nationally, Penrose Plaza was well received
in the investment community given its dominant, market-share
leading grocery-anchor and balanced roster of tenants with
long-term leases, along with a cohesive co-tenancy that has
operated successfully together at other centers within the city of
Philadelphia.”
Nathanson represented the seller, a joint venture between Onyx
Equities, Abrams Realty & Development and Siguler Guff &
Company, and procured the buyer, United Hampshire US REIT.
Strategically positioned at the intersection of Island Avenue
and Lindbergh Boulevard with combined daily traffic counts
exceeding 57,000, Penrose Plaza is located across from the
937,000-square-foot U.S. Post Office headquarters and is within
close proximity to the Philadelphia International Airport and
interstates 95, and 76. The property was 94% occupied at the time
of the sale. Sean Beuche, license no. RM424190 is Marcus &
Millichap’s broker of record in Pennsylvania.
About Institutional Property Advisors (IPA) Institutional
Property Advisors (IPA) is a division of Marcus & Millichap
(NYSE: MMI), a leading commercial real estate services firm in
North America. IPA’s combination of real estate investment and
capital markets expertise, industry-leading technology, and
acclaimed research offer customized solutions for the acquisition,
disposition and financing of institutional properties and
portfolios. For more information, please visit
www.institutionalpropertyadvisors.com
About Marcus & Millichap (NYSE: MMI) With over 2,000
investment sales and financing professionals located throughout the
United States and Canada, Marcus & Millichap is a leading
specialist in commercial real estate investment sales, financing,
research and advisory services. Founded in 1971, the firm closed
8,954 transactions in 2020 with a value of approximately $43
billion. Marcus & Millichap has perfected a powerful system for
marketing properties that combines investment specialization, local
market expertise, the industry’s most comprehensive research,
state-of-the-art technology, and relationships with the largest
pool of qualified investors. To learn more, please visit:
www.MarcusMillichap.com
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version on businesswire.com: https://www.businesswire.com/news/home/20211129005304/en/
Gina Relva, Public Relations Director
Gina.Relva@marcusmillichap.com
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