CBRE brokers sale of 256,969 s/f Penrose Plaza in PA to Abrams Realty and Onyx Equities

August 13, 2015

Philadelphia, PA  — CBRE, Inc. has brokered the sale of Penrose Plaza, a 255,969 s/f, ShopRite-anchored shopping center in Southwest Philadelphia located at Island Ave.and Lindbergh Blvd. CBRE’s Kevin McClernon and George Schmitt represented the seller, Eastwick JV IV and V. A joint venture involving Abrams Realty & Development of Elkins Park and Onyx Equities of Woodbridge, NJ, purchased the property.


“This was a highly attractive property and represents one of the region’s most significant transactions this year. This outstanding supermarket-anchored redevelopment opportunity was highly sought after by the investment market. Penrose Plaza is located in one of the most densely populated markets, with more than 14,400 households within a 1.5 mile radius,” said McClernon, senior vice president with CBRE’s investment properties division. “In addition to its high visibility, there is also limited retail competition, helping to ensure the ongoing success of the tenants and thus contributing to the center’s ongoing occupancy levels. All of this made this property an exciting investment opportunity.”


Penrose Plaza is located near the southwestern suburbs of Philadelphia, just on the cusp of Delaware County. The retail competition remains limited due to land constraints created by the U.S. Postal Service Processing and Distribution Center, Philadelphia International Airport runway clearances, The John Heinz National Wildlife Preserve, I-95, and the Delaware River. In addition to its high quality tenant lineup, the center is complemented by generous parking in an urban setting.

Please reload

Featured Posts

Kinsley to deliver new senior living facility in Bala Cynwyd

December 23, 2019

Please reload

Recent Posts
Please reload

Phone: 781.740.2900| Fax: 781.740.2929 

© Copyright 2014 Mid Atlantic Real Estate Journal. All Rights Reserved.