DDR Corp. bought the Noble Town Center in Jenkintown,
Pa., for $31.5 million.
The Beachwood, Ohio, real estate company said in a
statement that the transaction was part of eight deals worth $699 million it
completed in the third quarter.
The 168,000-square-foot retail property is at 901 Old
York Road and was 84 percent occupied at the time of the sale. A space where an
Old Navy once operated is vacant but DDR said it is “in advanced discussions
with a national junior anchor to fill the one remaining vacancy in the center.”
PetSmart and Bed Bath & Beyond are current tenants.
Brad Nathanson of CBRE Inc. arranged the transaction. AEW
Capital Management of Boston was the seller.
In its former life, Noble Town Center was a John
Wanamaker department store that served the affluent Jenkintown area. The
Wanamaker's was representative of the store pushing into the suburbs after
spending decades as a Center City institution.
The department store was shuttered in 1996 and stood
vacant until 1998 when Lubert-Adler bought it with an eye toward repositioning
it. In fact, it was the Philadelphia real estate investment fund’s first
acquisition under what was then a new strategy to buy excess real estate from
distressed retailers. Lubert-Adler bought the property that sits on 18.5 acres
from the May Department Stores Inc.
May bought Woodward & Lathrop, which had acquired
Philadelphia-rooted Wanamaker's.
Lubert-Adler converted the three-story building into a
multi-tenanted retail center. At the time, the company was able to lease it to
six tenants.
Source: Philadelphia
Business Journal
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