PHILADELPHIA-Two North Philadelphia retail properties trade hands in separate unrelated transactions. Plaza Americana Inc. bought Juniata Square Shopping Center for nearly $2.4 million, or slightly under $69 per sf, while private investors purchased Dollarland at 2361 E. Lehigh Ave.
Among the tenants at Juniata Square, the 34,500-sf neighborhood shopping center that fronts Kensington and Erie Avenues, are Blockbuster Video, Rent Rite and H&R Block. Pat McCabe and George Schmitt, VPs in the Wayne office of CB Richard Ellis, brokered the transaction on behalf of the seller, identified as Juniata Square LLC.
The Dollarland building is located less than two miles south of Juniata Square. Mark Taylor, Thomas Gorman and Dean Zang of the Philadelphia office of Marcus & Millichap arranged the sale by Dollarland of Aramingo LLC to Tae Hoe Kim and Ok Nam Kim. The sale price of the building, which has been occupied by a local tenant since 1999, is undisclosed.
This area has "improved dramatically in the past 24 months," according to the Marcus & Millichap sales team. Eckerd, Applebee's, Beneficial Bank and CVS are among the national tenants in nearby locations.
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