By Paul Schwedelson – Reporter, Philadelphia Business Journal
The developers who built a Northeast Philadelphia shopping center seven years ago are now listing the property for sale.
The 98,000-square-foot Shoppes at Wissinoming is anchored by a ShopRite and also includes a Super Wawa and fast-food restaurant Popeyes.
The shopping center sits at 5597 Tulip St., on the southeast corner of Tulip Street and Harbison Avenue. Clifton, New Jersey-based ARC Properties Inc. and Cherry Hill-based FC Development Group built the property in 2018 at a cost of $29 million.
ShopRite has 18 years left on its lease and is owned and operated by the Brown family, which operates several ShopRites throughout Philadelphia. The 68,000-square-foot grocery store makes up 57% of the property’s gross income, according to the listing.
Other tenants at the shopping center include AT&T and Elite Dental. The property is 98% occupied entirely with original tenants. Their weighted average lease term is 14.5 years.
The property could sell for between $30 million and $35 million, according to an industry source.
Former tenant Blink Fitness filed for Chapter 11 bankruptcy protection in August 2024 and closed its location at a 15,000-square-foot pad site on the property. As a result, the owners created a condominium unit for that section of the property, separating it from the property that’s up for sale. A car wash operator is set to replace the Blink Fitness and acquire the property to become an owner-occupier.
Full story: http://tiny.cc/xrhm001
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