News release

Philadelphia retail center with new national grocery tenant sells

JLL Capital Markets arranged the sale and acquisition loan for Red Lion Plaza in an infill location in Northeast Philadelphia

November 18, 2021

Kimberly Steele

Industries, Work Dynamics and PDS PR
+1 713 852 3420

PHILADELPHIA, Nov. 18, 2021 – JLL Capital Markets announced today that it has closed the sale of and arranged acquisition financing for Red Lion Plaza, a 236,277-square-foot, grocery-anchored shopping center in a densely populated northeast location in Philadelphia, Pennsylvania.

JLL represented the seller, Finmarc and KPR. Additionally, working on behalf of the new owner, JLL placed the 12-year, fixed-rate, non-recourse loan with a regional bank.

The 97-percent-occupied Red Lion Plaza is home to a strong and diverse tenant lineup that includes a new national grocer tenant, Burlington, Ross Dress for Less, Pep Boys and Planet Fitness. Originally constructed in 1962, Red Lion Plaza recently underwent an expansion in 2021 that added 20,000 square feet of in-line retail pad space occupied by Mattress Firm, Panera Bread, Aspen Dental and Tropical Smoothie Cafe.

Red Lion Plaza is situated on 18.7 acres at 9908-9960 Roosevelt Blvd. (Highway 1) within a hyper-active regional retail corridor due to population density and transportation infrastructure. The center has immediate connectivity and is along Highway 1, which exposes the property to about 90,000 vehicles a day. Additionally, the infill area surrounding the center includes nearly 166,006 residents within a three-mile radius who earn an average annual household income of $82,186.

The JLL Retail Capital Markets team representing the seller was led by Jim Galbally, Chris Munley and Colin Behr.

“The Finmarc and KPR team did an incredible job repositioning Red Lion Plaza,” Galbally said. “With the addition of a national grocer, Ross, Burlington and Panera Bread, Red Lion Plaza is the premier retail asset in Northeast Philadelphia.

“Roosevelt Boulevard is a hyperactive, superregional trade area, and the strength of the market combined with Red Lion’s best-in-class tenant lineup, attracted extremely aggressive capital from across the country, which ultimately drove the process and pricing,” Behr added.

“We continue to witness best-of-the-best pricing metrics for grocery-anchored shopping center trades within the Philadelphia MSA, as the steady migration of new capital providers continues to enter the region,” Munley said. “If demand for the product continues to rapidly increase, we anticipate further cap-rate compression into 2022 given the lack of available inventory.”  

The JLL Capital Markets Debt Advisory team representing the new owner was led by Michael Pagniucci.

“The tenant lineup and infill location at Red Lion Plaza led to very strong lender interest from a diverse list of local and national capital sources,” Pagniucci said. “We were successful in meeting the borrower’s request for a competitive 12-year fixed rate loan. “

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 sales and 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 95,000 as of September 30, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit

About Finmarc

Finmarc Management, Inc. is a fully integrated commercial real estate company that focuses on real estate investment, management, leasing and development of retail, industrial/flex, and office properties throughout the Mid-Atlantic region. The firm presently owns and manages a portfolio encompassing approximately seven million square feet of commercial properties located in Maryland, Washington, D.C., Virginia, Delaware and Pennsylvania. For additional information visit

About KPR

With over 15 years of real estate investment experience, KPR has a defined strategy of acquiring retail and industrial properties within select markets that offer a compelling opportunity to create value. KPR is a vertically integrated investor with in-house retail leasing, management and development operations tailored to maximize value through proactive leasing, repositioning and redevelopment of its properties.

Established in Boston in 2003, KPR has since expanded its footprint in 14 states within the greater New England, New York State, Mid-Atlantic, and Southeast submarkets. KPR’s successful track record of strategic acquisitions and dispositions has led us to transactions and trusted partnerships with public REITs, institutions, private equity groups and family offices.