HFF closes $52.4 million sale of grocery-anchored shopping center in Philadelphia
PHILADELPHIA, PA – April 6, 2017 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the $52.4 million sale of Bakers Centre, a 236,719-square-foot, grocery-anchored shopping center in Philadelphia, Pennsylvania.
HFF marketed the property on behalf of the seller, Metro Development Company, Carlino Commercial Development and US Realty Associates, Inc.
The multi-building property was developed between 2011 and 2015 and is anchored by ShopRite, Ross Dress for Less and Planet Fitness. Situated on 27.4 acres at 2800 Fox Street, Bakers Centre has become the go-to retail destination for the local community of East Falls/Hunting Park. The center is surrounded by a consumer base of more than 400,000 residents within a three-mile radius.
The HFF team representing the seller was led by managing director Chris Munley, associate director Michael DiCosimo and senior managing director Jose Cruz. Gregory Bianchi, vice president with US Realty Associates, Inc. assisted with the acquisition as well.
“The city of Philadelphia has a limited supply of grocery-anchored shopping centers of this size and quality, which made Bakers Centre a rare opportunity for investors,” Munley said. “Compounding the scarcity of the opportunity with a premium anchor in ShopRite, Philadelphia’s No. 1 grocer by market share, and a location poised for future growth, the asset received wide institutional interest.”
About Metro Development Company
Metro Development Company, an acquisition and development organization with over thirty years of experience specializing in urban and suburban development, revitalization and re-development projects, works in coordination with its affiliate companies US Realty Associates, Inc., USRA Construction Management Company and US Managers to market, build and manage its privately owned projects. Over the past years, Metro had forged relationships with state agencies, local municipalities, national/regional retailers and fortune five hundred companies that have facilitated the development of many successful projects and partnerships.
About Carlino Commercial Development
Carlino Commercial Development develops, redevelops, acquires, and manages retail, office and residential properties in the metro Philadelphia market. Learn more at carlinodevelopment.com.
About US Realty Associates, Inc.
US Realty Associates, Inc. has developed a long-standing relationship with both national and regional retailers, institutional and industrial users through its well-known reputation among the industry as a leader. Its leasing staff works quickly and assiduously to assure its tenants of timely occupancy and complete satisfaction from lease execution and throughout their tenancy. Visit usrealtypa.com for more information.
Holliday Fenoglio Fowler, L.P. (“HFF”), HFF Securities L.P. and HFF Securities Limited (collectively, “HFFS”) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 24 offices and is a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF.