PA-Based Gorman Acquires Mount Laurel Shopping Center
The 128,172-square-foot retail center is located in Philadelphia suburb of Mount Laurel, NJ on Route 38 West and is anchored by Aldi, Planet Fitness and Dollar Tree.
MOUNT LAUREL, NJ—RPC Real Estate of Cherry Hill, NJ and Merion Realty Partners of Wynnewood, PA have sold the Larchmont Commons shopping center here to Villanova, PA-based Gorman & Co, LLC for $18.25 million.
The 128,172-square-foot retail center is located in Philadelphia suburb of Mount Laurel, NJ on Route 38 West and is anchored by Aldi, Planet Fitness and Dollar Tree.
Larchmont Commons is 88% leased to a mix of mostly Internet-resistant service tenants, including Hair Cuttery, The UPS Store and Kumon Learning Center.
JLL marketed the property on behalf of the seller, RPC Real Estate and Merion Realty Partners’ asset management group. JLL also placed a 10-year, fixed-rate $12.9-million acquisition loan with an institutional capital source on behalf of Gorman.
The JLL retail capital markets team representing the seller was led by senior managing directors Chris Munley, James Galbally and Jose Cruz and senior director Colin Behr. The JLL capital markets debt placement team representing the new ownership included senior managing director Ryan Ade.
“There has been a steady increase in investor demand for grocery-anchored product within the Greater Philadelphia marketplace, resulting in correlating cap-rate compression since the start of 2019,” JLL’s Munley says. “With the steady flow of new capital JLL has witnessed entering the retail investment market, we anticipate that to continue into 2020.”
He adds, “The complementary nature of the tenant roster, highlighted by Aldi, Planet Fitness and Dollar Tree, drove both investor interest and pricing during the sales process.”
Larchmont Commons is located less than two miles from Interstate 295, which provides direct connection to the New Jersey Turnpike, and approximately 12 miles from the Philadelphia CBD. The center has an affluent Burlington County customer base that includes 38,572 residents, earning an average annual household income of $141,613, living within a three-mile radius of the center.