A 120,000 SF, Whole Foods anchored shopping center located in a suburb 10 miles north of Center City Philadelphia. The property benefits from a strong roster of tenants accompanying Whole Foods including Planet Fitness, Panera, Citizens Bank, Club Pilates, Athleta, Cookie Crumbl, Carbon Health and Lenscrafters, along with 16,000 SF of 2nd floor medical office space. The property was acquired at the end of 2019, from global investment management firm, Barings. Initial occupancy was approximately 88%, and most of the in-line tenancy was comprised of local “mom & pop” merchants paying below market rents. Despite an incredibly strong anchor in Whole Foods, historical ownership had failed to capture several value creation opportunities due to a passive management and leasing strategy. Since acquiring the asset, the property has reached 100% occupancy and NOI has increased by 35%. Initial JV co-investment with Inland Institutional Capital. Recapitalized with current JV co-investment partner, Regency Centers.
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Category:
Retail -
Location:
Jenkintown, PA -
Area:
120,000 SF -
Year Started:
2019
