by Natalie Kostelni, Staff Writer for the Philadelphia Business Journal
One & Olney Square, a grocery-anchored retail center in Philadelphia, has sold for $52.5 million.
Wharton Realty Group of Eatontown, N.J., bought the 339,425-square-foot property from Feil Organization, a New York firm that bought the center in 2002.
The center was put up for sale in June and got a lot of investor attention.
"We had tremendous interest from a broad spectrum of buyers including institutional investors, [real estate investment trusts] and private investors, Investors were drawn to the ShopRite's excellent sales history and the dense population in the trade area. In addition, the property boasts a variety of national, regional and credit retailers and tremendous upside potential."
The property sits on 25.74 acres at 5675 N. Front St. It is 84 percent full and ShopRite anchors the center.
Breslin Realty of New York constructed it in 1986 on what had been a factory operated by Kelsey-Hayes Co., a Michigan manufacturer of jet and helicopter engines. Around 1984, Kelsey-Hayes relocated from the plant at Front Street and Olney Avenue to a site on Roosevelt Boulevard.
When Breslin opened the center, Caldor was one of its main tenants as well as Crazy Eddie's – once popular retailers that have diminished in status or faded away.
Wharton owns Grant Plaza in Northeast Philadelphia as well as a Redners Market in Leesport, Pa.
Full story: http://tinyurl.com/q2elgg7
www.omegare.com
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