Sale of Pennsylvania grocery-anchored retail center closes

PHILADELPHIA, Oct. 25, 2022 – JLL Capital Markets announced today that it has closed the sale of Kendig Square, a 186,749-square-foot, grocery-anchored shopping center located in Willow Street, Pennsylvania. The 95-percent-occupied property is anchored by Weis Markets, a dominant grocer in Central Pennsylvania with over 30 years of tenure at the property.

JLL represented the seller, Northpath Investments, and Triple Bar Properties, Incorporated acquired the asset.

Built in 1991, Kendig Square’s additional tenants include Rite Aid, Planet Fitness, Dollar Tree, PNC, UPS Dollar General and more with average weighted occupancy tenure of over 15 years.

Located at 2600 Willow Street Pike, the property offers direct access to Routes 30, 222, 283 and I-76 (PA Turnpike). The center also benefits from the over 130,000 people and average household income of almost $75,000 within 5 miles, receiving approximately 1.9M visits annually.

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, Senior Director Colin Behr and Associate James Graf.

“The Northpath and Staenberg teams did an excellent job creating a dynamic shopping center built to sustain long-term success through an effective leasing and development business plan initiated at acquisition,” said Munley.

“Throughout the country, we continue to see very strong investor demand for well-positioned grocery anchored shopping centers," said Galbally. “In 2022, we will close 36 grocery-anchored shopping centers in the Greater Philadelphia region.”

“This transaction further highlights the ongoing trend we are seeing with equity pursuing quality, grocery-anchored centers in secondary markets,” added Behr. “It is a testament to how well retail has performed since coming out of COVID.”

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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