Grocery-anchored retail center in Philadelphia MSA trades
JLL Capital Markets closed the sale of the 225,214-square-foot Larkin’s Corner in Boothwyn, Pennsylvania
Philadelphia, Sept. 21, 2023 – JLL Capital Markets announced today that it has closed the sale of Larkin’s Corner, a 225,214-square-foot, grocery-anchored retail center located in Boothwyn, Delaware County, Pennsylvania.
JLL represented the seller, Site Centers, and procured the buyer, in this transaction.
Larkin’s Corner is currently 99% occupied, anchored by Acme Grocery and a national grocer, which combined, account for 69% of the property’s gross income. Additional retailers contributing to a highly synergistic national tenant lineup include a newly re-located McDonald’s with drive-thru, TD Bank, Dollar Tree and more, featuring a weighted average tenure of 17.4 years in combination with the anchors. Additionally, the center has received 2 million visitors in the past 12 months and has added approximately 168,000 square feet of new/renewed lease executions since 2019.
The JLL Retail Capital Markets team was led by Senior Managing Director Chris Munley and Jim Galbally, Managing Director Colin Behr, Director James Graf, and Associate Patrick Higgins.
“We are excited to continue our momentum in closing with private investors as the capital markets continue to evolve as we close out 2023. Over the last 12 months, our team has closed almost $620M in trades across 26 transactions. It is clear investors are attracted to the fundamentals and stable cash flow available in the retail asset class,” Behr said.
“Retail market fundamentals are increasingly robust, and Larkin’s Corner is a direct example of the overall positive macro-economic characteristics bolstering retail shopping centers. With near full occupancy, a waiting list for specific space at the property, significant rental growth and leasing spreads, the asset’s performance was at an all-time high and in ideal position for a sale,” stated Munley.
“Despite rising interest rates and the evolving capital markets landscape we continue to see strong investor demand for retail assets. Strong retail fundamentals nationally combined with availability of debt financing for retail assets have been the key drivers behind the strong investment sales activity in the retail sector,” stated Galbally.
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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For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500® company with annual revenue of $20.9 billion and operations in over 80 countries around the world, our more than 105,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAYSM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Site Centers
SITE Centers is an owner and manager of open-air shopping centers located in suburban, high household income communities. The Company is a self-administered and self-managed REIT operating as a fully integrated real estate company, and is publicly traded on the New York Stock Exchange under the ticker symbol SITC. Additional information about the Company is available at www.sitecenters.com. To be included in the Company’s e-mail distributions for press releases and other investor news, please click here.