Bakers Centre, a 236,719-square-foot shopping center that
transformed a property where Tasty Baking Co. once churned out Krimpets,
KandyKakes and Dreamies, has sold for $52.4 million.
Raider Hill Advisors, a private real estate investment
and advisory firm located in New York, bought the property at 2800 Fox St. in
Philadelphia with the intention of holding it over the long term, said Chris
Munley, who, along with colleagues Michael
DiCosimo and Jose
Cruz of Holliday
Fenoglio Fowler, arranged the transaction. The seller was a partnership
involving Metro Development Co., Carlino Commercial Development and U.S. Realty
Associates Inc.
Metro Development bought the former Tasty Cake property,
which totals 27.4 acres, for $6 million in 2010 with plans to construct a
retail center. Between 2011 and 2015, it built out Bakers Center and among its
anchors are ShopRite, Ross Dress for Less and Planet Fitness. At the time of
the sale, there was a 10,000-square-foot vacancy.
There’s a retail desert in that part of Philadelphia and
this center along with the ShopRite and other stores fill that void, Munley
said, noting there are more than 400,000 residents within a 3-mile radius of
the center.
Source: Philadelphia
Business Journal
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