Highland Development Group Ltd. acquired the Penrose Plaza Shopping Center at 2900-3000 Island Ave. in Philadelphia, PA from Korman Commercial Properties for $25 million, or about $98 per square foot.
The single-story retail center was built in 1976 and totals 255,969 square feet in the South Philadelphia submarket. The asset is anchored by Shop Rite, but was more than 47 percent vacant at the time of sale.
www.omegare.com
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