Monday, July 27, 2015

Penrose Plaza in Philadelphia Trades

by Steve Lubetkin,
A joint venture involving Abrams Realty & Development of Elkins Park, PA, Siguler Guff & Co., New York, and Onyx Equities of Woodbridge, NJ has acquired Penrose Plaza, a 255,969 square foot, ShopRite-anchored shopping center at Island Avenue and Lindbergh Boulevard in Southwest Philadelphia.

The new owners plan to expand and remodel the ShopRite supermarket at the center, located in the city's Eastwick section, among other improvements to the center.

“This was a highly attractive property and represents one of the region’s most significant transactions this year. This outstanding supermarket-anchored redevelopment opportunity was highly sought after by the investment market. Penrose Plaza is located in one of the most densely populated markets, with more than 14,400 households within a 1.5 mile radius. In addition to its high visibility, there is also limited retail competition, helping to ensure the ongoing success of the tenants and thus contributing to the center’s ongoing occupancy levels. All of this made this property an exciting investment opportunity.”

Penrose Plaza is located near the southwestern suburbs of Philadelphia, just on the border of Delaware County. The retail competition remains limited due to land constraints created by the U.S. Postal Service Processing and Distribution Center, Philadelphia International Airport runway clearances, the John Heinz National Wildlife Preserve, Interstate 95, and the Delaware River. In addition to its high quality tenant lineup, the center is complemented by generous parking in an urban setting.

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