PHILADELPHIA—Wharton Realty Group of Eatontown, NJ has acquired the One & Olney Square shopping center in North Philadelphia for $52.5 million.
The 339,425-square-foot grocery-anchored center was purchased from New York City-based Feil Organization. The center, anchored by ShopRite, was put on the market for sale in June and attracted significant investor interest, according to the Philadelphia Business Journal.
"We had tremendous interest from a broad spectrum of buyers including institutional investors, and private investors," says Jim Galbally, an investment broker with JLL who arranged the transaction along with JLL's Doug Rodio and John Plower. "Investors were drawn to the ShopRite's excellent sales history and the dense population in the trade area. In addition, the property boasts a variety of national, regional and credit retailers and tremendous upside potential."
The property, which totals nearly 26 acres at 5675 N. Front St., is 84% occupied. See story in the Philadelphia Business Journal.
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