By Taylor Collins CoStar Research
Larkin’s Corner, a 225,214-square-foot, grocery-anchored retail center located in Boothwyn, Pennsylvania, was purchased by a New York-based investment firm acting as Post Avenue Partners for $26 million or about $115.45 per square foot.
The community shopping center consists of a main building and three outparcels on a 22-acre site built in 1994. Key tenants include Walmart, Acme Grocery, Anytime Fitness, a newly re-located McDonald’s with a drive-thru, TD Bank and Dollar Tree. Located between Philadelphia and Wilmington, Delaware, the center was 99% fully leased at the time of sale.
“Despite rising interest rates and the evolving capital markets landscape, we continue to see strong investor demand for retail assets. Strong retail fundamentals nationally combined with the availability of debt financing for retail assets have been the key drivers behind the strong investment sales activity in the retail sector."
"With near full occupancy, a waiting list for specific space at the property, significant rental growth and leasing spreads, the asset’s performance was at an all-time high and in ideal position for a sale."
Seller Site Centers Corp. is a publicly traded real estate investment trust based in Beechwood, Ohio, that has been divesting shopping centers lately.
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