One & Olney Square, a grocery-anchored retail center in
Philadelphia, has sold for $52.5 million.
Wharton Realty Group of Eatontown, N.J., bought the
339,425-square-foot property from Feil Organization, a New York firm that
bought the center in 2002.
The center was put up for sale in June and got a lot of investor
attention.
"We had tremendous interest from a broad spectrum of
buyers including institutional investors, [real estate investment trusts] and
private investors," said Jim Galbally, an investment broker with JLL who
arranged the transaction with colleagues Doug Rodio and John Plower.
"Investors were drawn to the ShopRite's excellent sales history and the
dense population in the trade area. In addition, the property boasts a variety
of national, regional and credit retailers and tremendous upside potential."
The property sits on 25.74 acres at 5675 N. Front St. It
is 84 percent full and ShopRite anchors the center.
Breslin Realty of New York constructed it in 1986 on what
had been a factory operated by Kelsey-Hayes Co., a Michigan manufacturer of jet
and helicopter engines. Around 1984, Kelsey-Hayes relocated from the plant at
Front Street and Olney Avenue to a site on Roosevelt Boulevard.
When Breslin opened the center, Caldor was one of its
main tenants as well as Crazy Eddie's – once popular retailers that have
diminished in status or faded away.
Wharton owns Grant Plaza in Northeast Philadelphia as
well as a Redners Market in Leesport, Pa.
Source: Philadelphia
Business Journal
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