Dominant grocery-anchored retail center in Pennsylvania sells
JLL Capital Markets closed the sale of the Giant- and Lowe’s-anchored shopping center in Reading, PA
PHILADELPHIA, April 18, 2022 – JLL Capital Markets announced today that it has closed the sale of Exeter Commons, a 361,095-square-foot, dominant, grocery-anchored shopping center anchored by a high-performing Giant Food and Lowe’s Home Improvement in Reading, Pennsylvania.
Completed in 2009, the 99.5-percent-leased Exeter Commons is also home to a dynamic mix of necessity and contemporary retail tenants, including Giant Food, Lowe’s, Ross, PA Wine & Spirits, Five Below, Petco, Staples, Famous Footwear, America’s Best Contacts, Moe’s Southwest Grill, Red Robin, Supercuts and Mattress Firm. The center is also shadow anchored by high-volume Target, which drives significant regional traffic to the property
“Market-dominant, grocery-anchored centers of scale such as Exeter Commons rarely become available to market,” Munley said. “With demand for assets of this nature never being greater, we fully anticipate trades of like-kind product to price to a premium for the foreseeable future.”
“It was a pleasure to work with Wharton Realty on their most recent acquisition,” Galbally said. “Exeter Commons is a great addition to their existing grocery-anchored shopping center portfolio in the Philadelphia market.”
“We have experienced a tremendous influx of new capital looking to acquire grocery-anchored assets within the suburban Philadelphia MSA, and Exeter Commons is exactly the type of assets that investors are and will be targeting,” added Behr.
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 investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
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JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $19.4 billion, operations in over 80 countries and a global workforce of more than 98,000 as of December 31, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Wharton Realty Group
Wharton Realty Group is a privately held fully integrated real estate firm based in New Jersey. They currently own 30 shopping centers in 10 states with over 7 million square feet. To learn more about WRG, click wrgusa.com.