The center is 96% leased with just 4,000 sf available. A Giant Food store with an attached Giant gas station anchors the 90,300-sf neighborhood shopping center. Other tenants include Movie Gallery, H&R Block, Subway and Dunkin' Donuts.
The center is 81 miles north of Philadelphia, and Joe Cosenza, chairman of Inland Real Estate Acquisitions Inc., says this acquisition represents an opportunity in the growing Greater Philadelphia area. "The area around Forks Town Center is booming," he adds.
More than 10,000 new homes are under construction in communities surrounding the shopping center, according to Inland, which projects 7% more growth by 2008. Currently 103,000 residents live within a five-mile radius of the center, and the average annual household income is about $61,000, Inland reports.
Cosenza represented Inland Western with legal representation by attorneys Dan Bauer and Dennis Holland. Mark Taylor, a senior associate, and Dean Zang of the Philadelphia office of Marcus & Millichap represented the seller, Wargo Properties. Taylor says exposing the listing to a national platform resulted in more aggressive pricing.
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