Tuesday, April 19, 2022

Wharton Realty Group Snags Shopping Centers in New Jersey, Pennsylvania

By Michelle Stockner CoStar Research

Wharton Realty Group paid roughly $142 million for two shopping centers in New Jersey and Pennsylvania, according to public real estate records.

The Eatontown, New Jersey-based investment firm purchased Deptford Landing in Deptford, New Jersey, which is located about 12 miles from Center City Philadelphia, and Exeter Commons in Reading, Pennsylvania. Wharton acquired both centers from Chicago-based ShopCore Properties, according to CoStar data.

The South Jersey shopping center sold for about $70 million, according to Gloucester County real estate records. Wharton paid about $72 million for the Reading property, according to Berks County records.

Located on 67.33 acres, Deptford Center totals 517,096 square feet and is fully leased. The South Jersey center is anchored by a Walmart Supercenter and Sams Club. Other tenants located at Deptford Center include DSW, Michaels, Five Below, PetSmart, Raymour & Flanigan Outlet, The Mattress Factory, Hand & Stone, Carter’s, Five Guys, Great Clips, Chipotle and National Vision.

Built in 2009, the 361,095-square-foot Exeter Commons is located off Perkiomen Avenue and is 99.5% leased. The center features a mix of necessity and contemporary retail tenants, including Giant Food, Lowe's, Ross, PA Wine & Spirits, Five Below, Petco, Staples, Famous Footwear, America’s Best Contacts, Moe’s Southwest Grill, Red Robin, Supercuts and Mattress Firm. The center is also shadow anchored by Target.


No comments:

Post a Comment

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