$23.1M sale of Philadelphia MSA open-air shopping center closes
JLL Capital Markets arranged the sale of the 178,356-square-foot Dekalb Plaza in East Norriton, Pennsylvania
PHILADELPHIA, Jul. 31, 2023 – JLL Capital Markets announced today that it has closed the $23.1 million sale of Dekalb Plaza, a 178,356-square-foot, open-air retail center located within the Philadelphia MSA in East Norriton, Pennsylvania.
JLL represented the seller, Broad Street Realty, and Abrams Realty & Development acquired the asset.
“The Broad Street Realty team led by Michael Jacoby was an absolute pleasure to transact with and Chris Munley, and the JLL team yet again performed for us at an elite level. We are beyond happy to be the proud owners of this great asset,” said Peter Abrams, owner of Abrams Realty & Development.
“Broad Street Realty did a superb job executing their business plan at the property through their ownership period, allowing for a seamless disposition process that created impressive investor interest and bidding,” said Senior Managing Director Christopher Munley.
The 98-percent-occupied Dekalb Plaza is anchored by Urban Air and Big Lots with notable tenants that include Goodwill, Chick-fil-A, Applebee’s, Sally Beauty, Celebree School and more. 63% of the property’s gross income is derived from credit or national tenancy, and the property features a WALT of 5.7 years. The center has experienced over 96,600 square feet of newly executed leases, renewals and/or extensions since 2020.
The property is situated at 2640-2714 Dekalb Pike in the affluent Norriton suburb. Dekalb Plaza enjoys excellent roadway visibility and access to transportation infrastructure via Routes 202 and I-476, driving the extended trade radius. It is favorably positioned in an in-fill location within the Philadelphia MSA, just 15 miles from Center City, Philadelphia. Additionally, the population within a five-mile radius is approximately 178,667, and the average household income is $135,391.
The JLL Retail Capital Markets team that represented the seller was led by Senior Managing Directors Christopher Munley and James Galbally, Managing Director Colin Behr and Director James Graf.
“Although headlines are focused on the capital markets, retail fundamentals and leasing velocity remain robust. Dekalb Plaza is a microcosm of this trend, which, combined with the strength of the underlying real estate, drove a competitive process,” added Behr.
“Private investors continue to be the most active acquires of retail properties in the Philadelphia market. Despite the challenging interest rate environment, our team has closed almost $215M in trades across 10 transactions in the first half of 2023,” said Galbally.
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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For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500® company with annual revenue of $20.9 billion and operations in over 80 countries around the world, our more than 105,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAYSM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.