JLL closes sale of dual-anchored Philadelphia retail center
The center is anchored by Big Lots and The Edge Fitness Club
PHILADELPHIA, October 16, 2019 – JLL announced today that it has closed the sale of County Line Plaza, a 74,968-square-foot, dual-anchored retail center in an infill location in northeast Philadelphia, Pennsylvania.
County Line Plaza is anchored by a high-performing Big Lots and a new The Edge Fitness Club. The 90.3% leased center is also home to Integrated Medical Care, Pho Palace, Akira Sushi and DT Nails & Spa. Situated on 7.67 acres at 15501 Bustleton Avenue, the property is visible to approximately 40,000 vehicles a day from frontage along Bustleton Avenue and County Line Road. County Line Plaza is 20 miles from Center City Philadelphia within an infill area that is being revitalized by the Far Northeast District plan, which is improving the area surrounding the property and making it more pedestrian-friendly by improving sidewalks, refurbishing rail stops and building a town center. More than 94,700 residents earning an average annual household income of $88,839 live within a three-mile radius of the center.
The JLL Capital Markets team representing the seller was led by Managing Directors Chris Munley and Jim Galbally and Senior Vice President Colin Behr.
“Demand remains high for infill, high barrier-to-entry retail real estate within the Philadelphia Metro,” Munley said.
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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Deal secured by Holliday Fenoglio Fowler LP (“HFF”) prior to being acquired by JLL on July 1, 2019. Co-brokerage services provided by Jones Lang LaSalle Americas, Inc.
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. In doing so, we will build a better tomorrow for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.3 billion, operations in over 80 countries and a global workforce of nearly 92,000 as of June 30, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com
About Slate Property Group
Slate Property Group is a vertically integrated owner, operator and developer of residential and commercial real estate in the New York metropolitan area. From adaptive reuse and repositioning of existing assets to ground-up development, the Slate team leverages proven expertise, a diverse set of capabilities and a regimented and planned approach to provide superior risk-adjusted returns on its investments to its investors. Visit http://www.slatepg.com to learn more.