Grocery-anchored power center in Central Pennsylvania trades

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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