Supremo Food Markets, a dozen-unit regional chain, is the six-year-old property's anchor tenant. The tenant line-up includes nine other retailers, and the center has one vacancy, a 7,000-sf block formerly occupied by Dollar Prime. Pennington Avenue Shopping is situated on a former brownfields site in this city's West Ward redevelopment area. The center is also surrounded by several phases of residential development, including a 110-unit active adult complex unveiled recently by Ted Davis, who heads Community Concepts.
The sale transaction was brokered for both sides by Brad Nathanson, a director with the National Retail Group of Marcus & Millichap in that firm's Philadelphia office. M&M had picked up the exclusive on the property in early 2006. "The market for this shopping center was tremendous, as more than 20 offers were submitted within a three-week marketing period," Nathanson says.
The deal was also in the offing for about a year. According to Nathanson, the property was under contract for that time "due to EDA restrictions in transferring its 10-year tax abatement to the new owner. The city also wanted to make sure the new ownership would come in with experience and professionalism," Nathanson says.
Besides the task of filling the 7,000-sf vacancy with one or more new tenants, the property also has a value-add opportunity in the form of a restaurant pad in front of the center. The new owners say that national retailers are the target.
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