PHILADELPHIA, PA — JLL Capital Markets has closed the $114.25 million sale of and secured $80.5 million in acquisition financing for a five-property grocery-anchored retail portfolio throughout the greater Philadelphia metro area.
JLL marketed the portfolio on behalf of the seller, Brandolini Companies. Paramount Realty, in partnership with Medipower Group, purchased the assets. Additionally, working on behalf of the new owner, JLL placed five separate fixed-rate loans with three banks.
“We are excited to increase our footprint within the Philadelphia MSA and we look forward to adding value through capital improvements and procuring a new diverse tenant mix for existing vacancies to cater to the evolving new retail landscape,” said president of Paramount Realty, Maurice Zekaria.
The portfolio garnered significant interest from the investment world, particularly since each asset was anchored by high-performing grocers and a home improvement tenant (Giant, George’s Market, ALDI and Lowe’s), with increasing or stable historical sales.
All properties are located within highly populated residential neighborhoods and engrained within the communities as destination real estate providing a combination of daily needs and e-commerce resistant businesses. Locations include:
• Lionville Shopping Center in Lionville (Giant anchored)
• Marketplace at Westtown in West Chester (Giant anchored)
• Spring Towne Center in Sinking Spring (Giant and Lowe’s anchored)
• Dreshertown Plaza in Dresher (George’s Marketplace anchored)
• Limerick Crossing in Limerick (ALDI anchored)
The JLL Capital Markets investment sales advisory team that represented the seller was led by senior managing directors Chris Munley and Jim Galbally, Senior Director Colin Behr and Associate James Graf.