The New Jersey-based Wharton Realty Group has bought the fully occupied and grocery-anchored Glenolden Shopping Center for around $17.3 million, writes Natalie Kostelni for the Philadelphia Business Journal.
Located on MacDade Boulevard in Glenolden, the center has ShopRite and Forman Mills as anchor tenants. The sale of the 108,587-square-foot center further highlights the current demand for these types of retail properties.
A number of similar properties have sold recently as investors search for grocery-anchored centers, including the Drexeline Shopping Center in Upper Darby which sold earlier this year for $30 million.
Also last year, Larken Associates acquired the 292,000-square-foot Fairless Hills Shopping Center in Bucks County for $22 million, which despite only being half occupied at the time, has Giant as its anchor.
The Glenolden center was sold by MCB Real Estate and Alex Brown Realty with the transaction arranged by James Galbally, Doug Rodio, John Plower, Erin Miller, and Chad Orcutt of JLL.
Read more about the transaction in the Philadelphia Business Journal by clicking here.