R etail D evelopment R eimagined
M id A tlantic Real Estate Journal — Retail Development Reimagined — August 20 - September 16, 2021 — 9A
www.marej.com
JLL Capital Markets completes sale & arranges $80.5M in acquisition financing for the 5 centers Grocery-anchored retail portfolio in the Philadelphia MSA sells for $114.25 Million
HILADELPHIA, PA — JLL Capital Mar- kets has closed the $114.25 million sale of and secured $80.5 million in ac- quisition financing for a five- property grocery-anchored retail portfolio throughout the greater Philadelphia metro area. JLL marketed the portfolio on behalf of the seller, Bran- dolini Companies . Para- mount Realty , in partnership with Medipower Group , purchased the assets. Addi- tionally, working on behalf of the new owner, JLL placed five separate fixed-rate loans with three banks. “We are excited to increase our footprint within the Phila- delphia MSA and we look for - ward to adding value through capital improvements and pro- curing a new diverse tenant mix for existing vacancies to P LYNCHBURG, VA — Cushman & Wakefield | Thalhimer announced the sale of the former Leggett’s Department Store, as well as Schewels Home Corpo - rate Office Headquarters in Lynchburg, VA. West on Church & Main, LLC purchased both proper- ties and plans to redevelop them with a combination of residential and commercial space. The former Leggett’s De - partment Store, a retail build - ing consisting of 41,143 s/f, is located at 1011 Main St., and was formerly owned by Mar- ketplace of Lynchburg, LLC. The purchase price for the former Leggett’s Department Store was $495,000. Schewels Home Corporate Office Headquarters, an of - fice building consisting of 60,630 s/f, is located at 1031 Main Street, and was for - merly owned by Schewels General Investment Partner- ship. The purchase price was $1,400,000. Schewels will be relocating their corporate
increasing or stable historical sales. All properties are located within highly populated resi- dential neighborhoods and engrained within the com- munities as destination real estate providing a combination of daily needs and e-commerce resistant businesses. Loca- tions include: • Lionville Shopping Center in Lionville (Giant anchored) • Marketplace at West - town in West Chester (Giant anchored) • Spring Towne Center in Sinking Spring (Giant and Lowe’s anchored) • Dreshertown Plaza in Dresher (George’s Market - place anchored) • Limerick Crossing in Lim - erick (ALDI anchored) The JLL Capital Markets in- vestment sales advisory team that represented the seller
was led by senior managing directors Chris Munley and Jim Galbally , Senior Direc - tor Colin Behr and Associate James Graf. The JLL Capital Markets debt placement team that represented the new owner included senior managing directors Jon Mikula and Jim Cadranell , director Michael Pagniucci and analyst Carlos Silva . “We continue to see a signifi- cant increase in demand for grocery-anchored shopping centers,” Galbally said. “The investor interest for retail and specifically grocery anchored shopping and dominant power centers has greatly increased in late 2020 and throughout 2021. It was a pleasure to work with both the Brandolini Companies, Paramount and Medipower on a successful transaction.” MAREJ
Marketplace at Westtown
cater to the evolving new retail landscape,” said president of Paramount Realty, Maurice Zekaria . The portfolio garnered sig- nificant interest from the in -
vestment world, particularly since each asset was anchored by high-performing grocers and a home improvement tenant (Giant, George’s Mar- ket, ALDI and Lowe’s), with
Cushman & Wakefield | Thalhimer broker sale of former Leggett’s Department Store and Schewels Home in Lynchburg, VA
1031 Main St.
1011 Main St.
offices. GeorgeLupton, III, CCIM and Norman Moon, Jr., CCIM, SIOR, CRE, FRICS and of Cushman & Wakefield | Thalhimer handled the sale negotiations on behalf of the seller.
In Toano, Cushman & Wakefield | Thalhimer an - nounced the sale of the Design Master Building located at 3005 John Deere Rd., within Stonehouse Commerce Cen - ter, in Toano (James City
County). Tetreault Holdings, Inc. purchased the 40,000 s/f in- dustrial building, situated on 4.13 acres, from Friendship Partnership for $2,668,320 as an investment for their con- tracting business, The Drying
Company. Dawn F. Griggs, SIOR of Cushman & Wakefield | Thalhimer handled the sale negotiations on behalf of the seller; Clay Culbreth , also with Thalhimer, represented the purchaser. MAREJ
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