PHILADELPHIA, PA—A joint venture involving Abrams Realty & Development of Elkins Park, PA, Siguler Guff & Co., New York, and Onyx Equities of Woodbridge, NJ has acquired Penrose Plaza, a 255,969 square foot, ShopRite-anchored shopping center at Island Avenue and Lindbergh Boulevard in Southwest Philadelphia. CBRE's Kevin McClernon and George Schmitt represented the seller, Eastwick JV IV and V, a subsidiary of Korman Commercial Properties.

The new owners plan to expand and remodel the ShopRite supermarket at the center, located in the city's Eastwick section, among other improvements to the center.

“This was a highly attractive property and represents one of the region's most significant transactions this year. This outstanding supermarket-anchored redevelopment opportunity was highly sought after by the investment market. Penrose Plaza is located in one of the most densely populated markets, with more than 14,400 households within a 1.5 mile radius,” says McClernon, a senior vice president with CBRE's Investment Properties division. “In addition to its high visibility, there is also limited retail competition, helping to ensure the ongoing success of the tenants and thus contributing to the center's ongoing occupancy levels. All of this made this property an exciting investment opportunity.”