Tuesday, June 7, 2016

MCB Joint Venture Sells Glenolden, PA Retail Center

by Steve Lubetkin, Globest.com
MCB Real Estate and Alex Brown Realty have sold 140 N. MacDade Boulevard in Glenolden, PA, to Wharton Realty Group. Terms were not disclosed.

The property, a 108,587-square-foot grocery-anchored shopping center, features a newly renovated ShopRite and is fully occupied.

“The investor demand for grocery-anchored shopping centers is stronger than ever. Especially for the dominate stores in the market – in this case, ShopRite. Not only is the Glenolden store one of the leading supermarkets, but it is located in Delaware County, one of the most densely populated trade areas in the Philadelphia suburbs.”

ShopRite acquired the lease from A&P, which, as previously reported by GlobeSt.com, has been disposing of leases for a number of New Jersey and Pennsylvania locations as a consequence of its bankruptcy filing last year.

ShopRite invested a significant amount of money into the store’s renovations and remodel, and as of May 2015 was officially re-opened. As the dominate grocer in the Philadelphia area, ShopRite continues to expand its footprint throughout the market.

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