PHILADELPHIA, PA—The Feil Organization, managing partner of the partnership of Feil, Chera & Goldman, has sold One & Olney Square, a Shop Rite-anchored center in North Philadelphia, to Wharton Realty Group for an undisclosed sum.
The 340,000-square-foot center is located on 26 acres at 5675 North Front Street in the city's Olney section, one mile north of Roosevelt Boulevard (U.S. Route 1), one of the busiest roadways in the city. The project is 85 percent leased with a combination of national and regional retailers, including Modell's, Conway, and Ashley Stewart.
“One & Olney is a well-positioned, grocery-anchored shopping center with great growth potential in the North Philly market,” says Nicholas Forelli, Feil's director of retail leasing. “We had recently finished a major façade upgrade and restructured several anchor tenant leases for long-term occupancy.”
The center was built in 1986 and acquired by the partnership in 2002. It has more than 1,500 parking spaces.
Located near such economic drivers as Einstein Healthcare Network, LaSalle University, St. Christopher's Hospital, and Temple University, the center is situated just 20 minutes from Center City and benefits from Northeast Philadelphia's excellent connections to all major transportation arteries.
James Galbally of Jones Lang LaSalle represented the partnership. Wharton Realty Group was represented in-house.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Steve Lubetkin
Steve Lubetkin is the New Jersey and Philadelphia editor for GlobeSt.com. He is currently filling in covering Chicago and Midwest markets until a new permanent editor is named. He previously filled in covering Atlanta. Steve’s journalism background includes print and broadcast reporting for NJ news organizations. His audio and video work for GlobeSt.com has been honored by the Garden State Journalists Association, and he has also been recognized for video by the New Jersey Chapter of the Society of Professional Journalists. He has produced audio podcasts on CRE topics for the NAR Commercial Division and the CCIM Institute. Steve has also served (from August 2017 to March 2018) as national broadcast news correspondent for CEOReport.com, a news website focused on practical advice for senior executives in small- and medium-sized companies. Steve also reports on-camera and covers conferences for NJSpotlight.com, a public policy news coverage website focused on New Jersey government and industry; and for clients of StateBroadcastNews.com, a division of The Lubetkin Media Companies LLC. Steve has been the computer columnist for the Jewish Community Voice of Southern New Jersey, since 1996. Steve is co-author, with Toronto-based podcasting pioneer Donna Papacosta, of the book, The Business of Podcasting: How to Take Your Podcasting Passion from the Personal to the Professional. You can email Steve at [email protected].
