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JLL represents buyer in the purchase of 1520-1522 Chestnut Street and 1501-1505 Walnut Street from PREIT
Robust job and population growth continue to make Philadelphia's City Center submarket a very desirable area for investors looking for strong yields. On behalf of the buyer, PH Retail, JLL's Capital Markets experts today announced the firm executed the acquisition of 1520-1522 Chestnut Street and 1501-1505 Walnut Street. PH Retail bought a controlling interest in the retail spaces, which total approximately 70,000 square, feet from Pennsylvania Real Estate Investment Trust (PREIT).
Managing Director Jim
Galbally led the JLL team on the deal along with Managing Director Doug
Rodio and Senior Vice Presidents Erin
Plower and Chad
"Philadelphia's high-street retail continues to see tremendous momentum, especially along the Walnut Street and Chestnut Street corridors," said Galbally. "Strong population growth, facilitated by the emergence of a high-end apartment and condo market, are making high street retail sites more desirable than ever before. Bullish on strong retail tenant demand, investors are confident that well-located retail assets will continue to see record-breaking rents."
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether a sale, financing, repositioning, advisory or recapitalization execution. In 2015 alone, JLL Capital Markets completed $140 billion in investment sale and debt and equity transactions globally. The firm's Capital Markets team comprises more than 2,000 specialists, operating all over the globe.
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JLL (NYSE: JLL) is a professional services and investment management firm offering specialized real estate services to clients seeking increased value by owning, occupying and investing in real estate. A Fortune 500 company with annual fee revenue of $5.2 billion and gross revenue of $6.0 billion, JLL has more than 280 corporate offices, operates in more than 80 countries and has a global workforce of more than 60,000. On behalf of its clients, the firm provides management and real estate outsourcing services for a property portfolio of 4.0 billion square feet, or 372 million square meters, and completed $138 billion in sales, acquisitions and finance transactions in 2015. Its investment management business, LaSalle Investment Management, has $58.3 billion of real estate assets under management. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit www.jll.com.
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