The Most Significant Unique Retail Sale of 2020
JLL NJ/PA, Columbus Crossing, Philadelphia, PA
Size: 140,418 s/f, 11.31 Acres
Brokers: Chris Munley, Jim Galbally, Colin Behr
100 word description: Columbus crossing is a 140,418 SF open air shopping center that was 100% leased at time of sale, and Anchored by TJ Maxx, Home Goods & Planet Fitness and Shadow Anchored by Home Depot and Walmart. The asset offered an extremely rare opportunity to 11.31 acres of scarce Philadelphia City riverfront real estate along the destination shopping corridor of Columbus Blvd. The Property draws from some of the most affluent communities in Philadelphia including Society Hill, Old City, Queen Village and Northern Liberties. Making the asset extremely unique is the immense intrinsic value of the underlying real estate due its current CMX-3 Zoning, which enable the ability for significant long-term redevelopment in a hyper active development corridor. CMX-3 Zoning offers a 500% Max FAR with up to 800% with special exceptions. The zoning allows for alternative uses such as Multi-Family, Medical and office, which combined with the retail components offer long term value add due to urbanization and improving fundamentals.