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.