Philadelphia Shopping center positioned within an infill retail corridor sells
JLL Capital Markets arranged the sale of the 64,163-square-foot Aramingo Plaza in Philadelphia, Pennsylvania
PHILADELPHIA, Feb. 14, 2023 – JLL Capital Markets announced today that it has closed the sale of Aramingo Plaza, a 64,163-square-foot, fully occupied, retail center in Philadelphia, Pennsylvania.
JLL marketed the property on behalf of the seller, Heidenberg Properties. Abrams Realty & Development acquired the asset.
Built in 1920, the 100-percent-occupied Aramingo Plaza is leased to a diversified lineup of tenants and is anchored by Forman Mills. Additional tenants include Citizen Bank, AT&T, Checkers and Vision Works. The high-performing center has over seven years of weighted average term and over 15 years of average tenant tenure.
Located at 3500 Aramingo Ave. within an urban infill retail corridor in Philadelphia, the property is proximate to the popular neighborhoods of Fishtown and Kensington, while additionally benefiting from a population of 914,204 people within five miles.
The JLL Retail Capital Markets Investment Sales and Advisory team that represented the seller was led by Senior Managing Directors Christopher Munley and Jim Galbally and Managing Director Colin Behr.
“We are pleased to have Abrams Realty & Development as the ultimate buyer. Their execution was exceptionally quick, and they were extremely professional and diligent throughout the process,” said Munley.
“It’s extremely rare to see opportunities to acquire urban in-fill retail shopping centers in Philadelphia such as Aramingo Plaza. Market demand was resoundingly robust,” added Galbally.
“This incredibly dense population located on the highly desirable Aramingo Avenue coupled with the strong established relationships we have with the current tenant roster is what led us to this project. We look forward to the future and great upside Aramingo Plaza presents our group,” stated Jason Abrams of Abrams Realty and Development.
”Aramingo Avenue is a strong retail location, and we have had a lot of success with this property. We were fortunate to engage a buyer like Abrams, with whom we share similar philosophies. As a result, it made for a transparent and collaborative process led by our partners at JLL,” stated Jason Lazar of Heidenberg Properties.
This center is part of a larger portfolio of retail properties across the Northeast and Mid-Atlantic United States, collectively 97% occupied and predominantly grocery anchored.
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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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 $19.4 billion, operations in over 80 countries and a global workforce of more than 102,000 as of September 30, 2022. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Heidenberg Properties
Heidenberg Properties is a full-service real estate development company focused on the acquisition and development of open-air shopping centers, net leased properties, and secured note purchases in the Easter United States. The group is actively seeking new acquisitions and development opportunities. To learn more, visit www.heidenbergproperties.com
About Abrams Realty & Development
Abrams Realty & Development is a long-established, market-leading, full service real estate company specializing in the development and management of commercial real estate in Pennsylvania and New Jersey.