CBRE Brokers Sale of Penrose Plaza in Philadelphia

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.