PHILADELPHIA, PA — Marcus & Millichap announced the sale of Edison Square, a 31,573 s/f retail shopping center located outside of Center City and University City, Philadelphia.
“Edison Square presented investors with an incredible opportunity to acquire a grocery anchored asset in a diverse market, saturated with inner-city workers, students, and families,” said Scott Woodard, first VP investments.
Woodard, Derrick Dougherty, Ridge MacLaren, Clarke Talone, Andrew Townsend and Colin Reder, in the Marcus & Millichap Philadelphia office, had the listing to market the property. Colin Reder, Steve Garthwaite and Mark Krantz, along with the team, assisted in securing the buyer. Sean Beuche, PA broker of record, assisted in closing the transaction.
Edison Square is an exceptionally high-performing retail hub, producing $632,719 in net-operating income.
“The sellers were all based in Philadelphia and were the original developers. They did an amazing job securing a tenant mix to cater to the local submarket’s needs,” said Dougherty, first VP investments. “Save-A-Lot, Family Dollar, and Snipes are the top performing locations in the state of Pennsylvania and in the top 10% of performing locations in the country,” Dougherty added.