Thursday, January 16, 2020

Joint Venture Buys Whole Foods-Anchored Shopping Center Near Center City, Philadelphia

A joint venture between Charter Realty & Development Corp. and an open-end institutional fund sponsored by Inland Institutional Capital has purchased Baederwood Shoppes on the Fairway in Abington, Pennsylvania, for $43.3 million, or about $371 per square foot.

The 116,778-square-foot center at 1537-1659 Fairway Valley Road is anchored by Whole Foods. Tenants at the 94% leased center include Planet Fitness, Panera Bread, Le Papillon Hair Salon, Message Envy and Baederwood Pharmacy.

The property spans 10.4 acres less than 10 miles from Center City, Philadelphia

"Having sold three Whole Foods-anchored centers over the past year, it is evident that investors of Whole Foods-anchored shopping centers have an insatiable demand for the product. Baederwood attracted a wide array of strong interest from a diverse group of institutional, REIT and private investors."

According to its website, Inland Institutional Capital has facilitated the completion of transactions with a value in excess of $11.5 billion since 2005.

No comments:

Post a Comment

Note: Only a member of this blog may post a comment.