Monday, September 11, 2023

Haverford Properties Acquires ShopRite-Anchored Retail Center in New Jersey

By Linda Moss CoStar News

Grocery-anchored shopping centers continue to be a favorite with real estate investors, with another one recently trading in New Jersey.

Haverford Properties, based in Haverford, Pennsylvania, has acquired Hartford Corners, a 214,896-square-foot retail property at 1310-1330 Fairview Blvd. in Delran from Principal Asset Management, based in Des Moines, Iowa. 

The sale price and other terms of the deal weren't disclosed.

Investors have been seeking out grocery-anchored shopping centers, which they deem desirable. That's because having a supermarket draws shoppers to a property on a consistent basis and creates foot traffic for other stores in the center.

Hartford Corners' anchor tenant is a ShopRite supermarket, which has 5 1/2 years left on its long-term lease. In addition to having a grocer, the property’s tenant lineup includes a variety of medical, food and beverage, fitness, services and discount retailers. Planet Fitness, Five Below, Virtua Health, Five Guys and Mattress Firm are on its roster.

Hartford Corners is 95% occupied and is shadow-anchored by a Lowe's Home Improvement store.

“Grocery-anchored shopping centers continue to drive the most demand in the retail asset class. Hartford Corners highlighted this trend with a competitive process to acquire a best-in-class anchor in ShopRite. Additionally, the center has performed remarkably well over the last 10 years with consistent occupancy at over 90%, showcasing the resiliency of the asset class.”

The demand for these types of properties remains robust and growing within the mid-Atlantic region.

"The diversity of new capital looking to enter the asset class and geography, coming from multi-faceted disciplines and sources, is moving the market."

Principal Asset Management is part of Principal Financial Group, which manages $525.2 billion in assets.

Haverford Properties focuses on retail-anchored shopping centers, ground-up multifamily development and mixed-use land development and master planning.

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