News release

Grocery-anchored power center in Central Pennsylvania trades

JLL Capital Markets closed the sale of Monroe Marketplace to Acadia Realty Trust

September 29, 2021

Kristen Murphy

Capital Markets, Hotels & Hospitality and Value & Risk Advisory PR
+1 617 848 1572

PHILADELPHIA – Sept. 29, 2021 – JLL Capital Markets announced today that it has closed the sale of Monroe Marketplace for an all-in price of $44.8 Million. Monroe Marketplace is a 372,794-square-foot, grocery-anchored power center, anchored by GIANT Food Stores in the central Pennsylvania community of Selinsgrove.

JLL marketed the property on behalf of an undisclosed institutional investor. Acadia Realty Trust acquired the property.

Monroe Marketplace is anchored by a premier lineup of national retailers, including GIANT Food Stores, T.J. Maxx, Dick’s Sporting Goods, Kohl’s, Ross, Old Navy, PetSmart and Ulta Beauty and features a best-in-class Target shadow anchor. The property features a variety of other national and regional retailers and restaurants such as Buffalo Wild Wings, Longhorn Steakhouse, Michael’s and Sally Beauty.

Large format retail center transactions slowed during the pandemic due to perceived risk on big box spaces, however, dominant, well-performing high credit-tenant assets such as Monroe Marketplace have proven resilient.  The center has been +92% occupied over the last five years, and shown significant leasing momentum and spreads, with additional robust tenant-renewal activity. 

The JLL Capital Markets Investment Sales Advisory team representing the seller was led by Senior Managing Directors Christopher Munley and Jim Galbally and Senior Director Colin Behr.

“Monroe Marketplace represents a clear market trend of a significant increase in both current activity and future demand for large format retail centers,” said Munley. “The JLL team’s current pipeline of allocated, and new to market assignments, reflects the market demand to place capital within the space.  We fully anticipate pricing trends to show yield compression as more like-kind assets come to market.”

“We continue to see growing demand for top tier power centers throughout the country,” added Galbally. “Monroe Marketplace provided a rare opportunity to acquire a dominant Giant anchored power center with excellent tenant credit and term.”

“Assets such as Monroe Marketplace, the dominant center in the trade area, performed exceptionally well throughout the pandemic proving out the resilience of the sector which ultimately drove investor interest,” said 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 and sales 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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About JLL

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 $16.6 billion in 2020, operations in over 80 countries and a global workforce of more than 92,000 as of June 30, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit

About Acadia Realty Trust

Acadia Realty Trust (NYSE:AKR) is an equity real estate investment trust focused on delivering long-term, profitable growth via its dual – core and opportunity fund – platforms.

The firms energized team is accomplishing this goal by building a best-in-class, location-driven core real estate portfolio with meaningful concentrations of assets in the nation’s most dynamic urban and street-retail corridors, including those in New York, Chicago, Los Angeles, San Francisco, Washington, D.C., and Boston. At the same time, they manage opportunistic and value-add investments through their series of discretionary, institutional funds.