GLENOLDEN, PA—MCB Real Estate and Alex Brown Realty have sold 140 N. MacDade Boulevard in Glenolden, PA, to Wharton Realty Group. Terms were not disclosed.
The property, a 108,587-square-foot grocery-anchored shopping center, features a newly renovated ShopRite and is fully occupied.
Jones Lang LaSalle's Philadelphia Capital Markets Group team of James Galbally, Doug Rodio, John Plower, Erin Miller, and Chad Orcutt brokered the deal.
“The investor demand for grocery-anchored shopping centers is stronger than ever,” says Galbally, lead broker, JLL. “Especially for the dominate stores in the market – in this case, ShopRite. Not only is the Glenolden store one of the leading supermarkets, but it is located in Delaware County, one of the most densely populated trade areas in the Philadelphia suburbs.”
ShopRite acquired the lease from A&P, which, as previously reported by GlobeSt.com, has been disposing of leases for a number of New Jersey and Pennsylvania locations as a consequence of its bankruptcy filing last year.
ShopRite invested a significant amount of money into the store's renovations and remodel, and as of May 2016 was officially re-opened. As the dominate grocer in the Philadelphia area, ShopRite continues to expand its footprint throughout the market.
Correction, 6/7/2016: Because of incorrect information provided to GlobeSt.com, an earlier version of this story stated that the ShopRite store reopened in May 2015. In an email, Isaac Massry of Wharton Realty Group says the opening date was May 2016.
GLENOLDEN, PA—MCB Real Estate and
The property, a 108,587-square-foot grocery-anchored shopping center, features a newly renovated ShopRite and is fully occupied.
“The investor demand for grocery-anchored shopping centers is stronger than ever,” says Galbally, lead broker, JLL. “Especially for the dominate stores in the market – in this case, ShopRite. Not only is the Glenolden store one of the leading supermarkets, but it is located in Delaware County, one of the most densely populated trade areas in the Philadelphia suburbs.”
ShopRite acquired the lease from A&P, which, as previously reported by GlobeSt.com, has been disposing of leases for a number of New Jersey and Pennsylvania locations as a consequence of its bankruptcy filing last year.
ShopRite invested a significant amount of money into the store's renovations and remodel, and as of May 2016 was officially re-opened. As the dominate grocer in the Philadelphia area, ShopRite continues to expand its footprint throughout the market.
Correction, 6/7/2016: Because of incorrect information provided to GlobeSt.com, an earlier version of this story stated that the ShopRite store reopened in May 2015. In an email, Isaac Massry of Wharton Realty Group says the opening date was May 2016.
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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].
