Nathanson and Gorman of CBRE broker $24.5m sale of 93,282 s/f Shoprite anchored center
Philadelphia, PA — CBRE, Inc. has brokered the sale of Lawndale Plaza, a 93,282 s/f ShopRite-anchored retail center in Philadelphia. Highland Development Group and The Glenville Group sold the property for approximately $24.5 million to Cedar Realty Trust. Brad Nathanson and Tom Gorman of CBRE represented both buyer and seller.
Developed in 1998, the shopping center boosts a stellar lineup anchored by a 63,342 square foot ShopRite, and also includes Advance Auto Parts, T-Mobile, and Dunkin’ Donuts.
“With the lineup of major national tenants as well as its superior positioning at a high-visibility, busy intersection, this center is attractively situated in the marketplace, especially with the number one grocery operator in Philadelphia,” said Nathanson, executive vice president with CBRE’s Greater Philadelphia region. “Lawndale Plaza is a wonderful addition for Cedar Realty Trust to an already strong portfolio of grocery-anchored shopping centers in the city of Philadelphia.”
Lawndale Plaza is currently 100 percent occupied and is located at the intersection of Oxford Avenue and Levick Street, a high-traffic location directly across from the Naval Support Base/Naval Supply Depot.