Adler Realty Investments acquires Philadelphia-area retail center for $11.5M
JLL Capital Markets closed the sale of the grocery-anchored center and arranged $7.14M acquisition financing for the new owner
PHILADELPHIA, July 15, 2020 – JLL Capital Markets announced today that it has closed the $11.5 million sale of and arranged $7.14 million in financing for Bensalem Crossing, a 67,215-square-foot shopping center fully leased to a roster of essential tenants in the suburban Philadelphia community of Bensalem, Pennsylvania.
JLL marketed the property on behalf of the seller, New York City-area investors. Adler Realty Investments, Inc. purchased the asset. Additionally, JLL arranged competitive permanent financing for the acquisition.
Bensalem Crossing is anchored by ShopRite, a market-leading grocer in the Philadelphia MSA. The remaining tenant roster consists of a CVS pharmacy and wireless provider. The marketing process commenced in April during the COVID-19 pandemic and, due to the essential nature of the rent roll and a new long-term lease with the grocer, the asset garnered significant attention from the investment community despite the economic conditions caused by the pandemic. The investment highlights included 100 percent occupancy and both a high-performing grocer/pharmacy.
The JLL Debt Placement team representing the new owner was led by Senior Managing Directors Chad Orcutt and Brian Halpern and Director Mike Pagniucci.
“We had a tremendous amount of interest in Bensalem Crossing, as investors remain bullish about the long-term prospects of grocery-anchored shopping centers and necessity-based retail,” Galbally said. “Bensalem Crossing is the definition of a necessity-based shopping center, as all of the tenants were deemed essential retailers and remained opened during the pandemic, further drawing interest from potential investors.”
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 advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 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 $18.0 billion, operations in over 80 countries and a global workforce of more than 94,000 as of March 31, 2020. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Adler Realty Investments, Inc.
Adler Realty Investments, Inc. (Adler) is a real estate investment firm established in 1996 with over $1 billion dollars of properties acquired or in development since inception. Adler’s real estate portfolio currently consists of over four million square feet of existing industrial, office, retail, and multi-family residential properties and an additional four million square feet of projects under planning/development throughout the western United States.