by John Jordan Globest.com
A partnership of MCB Real Estate of Baltimore and Singapore-based United Hampshire US REIT has acquired the 151,000-square-foot Lawnside Commons shopping center here for $31.55 million.
The 100% leased property is anchored by Home Depot and also includes PetSmart, Wendy’s, T-Mobile and Mattress Firm on its tenant roster.
“Lawnside Commons is supported by affluent demographics and a densely-populated trade area with a population of 286,000 people within a five-mile radius. Currently 100% leased to a seasoned lineup of long-time national tenants, this asset presented an incredible opportunity to acquire a best-in-class retail property just eight miles from Philadelphia.”
The property offers visibility at the crossroads of a primary commuting corridor in proximity to I-295 and the New Jersey Turnpike. Lawnside Commons boasts ample parking and four separate points of ingress/egress, including a signalized intersection off Route 30.
US Hampshire REIT in a March 27th announcement reported Pet Smart had signed a 30,760-square-foot lease extension at Lawnside Commons, extending the term from 2021 to October 2031.
www.omegare.com
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