Friday, January 10, 2020

Philadelphia-Area Shopping Center Trades for $43M

by John Jordan
The Baederwood Shoppes on the Fairway, a 116,778-square-foot grocery anchored shopping center here, has been acquired by a joint venture of an institutional co-mingled fund sponsored by Oak Brook, IL-based Inland Institutional Capital, LLC and Charter Realty & Development Corp. of Westport, CT for $43.3 million.

Located 10 miles north of Philadelphia, Baederwood Shoppes on the Fairway is 94% leased. Its tenant roster includes anchor Whole Foods Market, as well as Planet Fitness, Panera Bread, Le Papillon Hair Salon, Massage Envy, Baederwood Pharmacy, Penn Community Bank and WSFS Bank. Athleta, a premium fitness and lifestyle brand, plans to open at the center in the fall of this year.
George Pandaleon, president of ICAP, says the property is well positioned and is a ‘necessity-based retail center” that offers best in class anchor Whole Foods and provides opportunities for growth.

Located at 1537-1659 Fairway Valley Road, the property is situated in a highly trafficked retail corridor that counts more than 39,000 vehicles per day and draws more than 126,000 residents within a three-mile radius.

A newly planned 244-unit apartment development directly behind the property is also expected to draw additional consumers and provide significant capital improvements to the shopping center, ICAP states.

“Anchored by nationally respected tenants, Baederwood Shoppes on the Fairway’s tenant mix underscores our belief that infill necessity-based centers continue to benefit from consistent consumer demand and limited online competition,” said Paul Brandes, a principal of Charter. “We believe the area’s demographic profile and ideal location, combined with our hands-on, energetic and market driven leasing approach, will drive growth at the center.”

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