$14.2M sale of convenience-oriented retail center in highly coveted Philadelphia suburb closes
JLL Capital Markets arranged the sale of 17,884-square-foot 200 N. Radnor Chester Rd. in Radnor, Pennsylvania
PHILADELPHIA, Nov. 7, 2023 – JLL Capital Markets announced today that it has closed the sale of 200 N. Radnor Chester Rd., a 17,884-square-foot, convenience-oriented retail center located in Radnor, Pennsylvania.
JLL represented the seller, Brandywine Realty Trust. A New York-based private investor acquired the asset.
Built in 2014, the 100-percent-leased center features a service-oriented tenant lineup with a weighted average tenure of 7.5 years. The center’s anchors consist of a mix of restaurants, Estia, Pietro's, Honeygrow and Buena Onda.
The property is situated in the master-planned Radnor Financial Center within the most coveted submarket of the greater Philadelphia MSA. Retailers operating at 200 N. Radnor Chester Rd. enjoy unmatched access to the affluent consumer base that resides in the surrounding communities and proximity to significant economic demand drivers, including the Radnor Financial Center, Penn Medicine’s 2020-built outpatient care facility, Villanova University, and more.
The JLL Retail Capital Markets team was led by Senior Managing Directors Jim Galbally and Chris Munley, Managing Director Colin Behr, Director James Graf and Associate Patrick Higgins.
“200 N. Radnor Chester Rd. was one of the most highly sought-after shopping centers we’ve marketed over the past few years, reinforcing the growing investor demand for convenience assets,” said Galbally.
“With very few shopping centers ever coming available for sale on the Main Line of Philadelphia, market interest was incredibly high with pricing reflecting a scarcity premium from the high-quality nature of the real estate," said Munley.
“The Brandywine team did a phenomenal job curating best-in-class, complementary food and beverage concepts with ties to the Philadelphia region, which made this such a desirable asset. We appreciate them giving our team the chance to work on such a unique opportunity and are happy we were able to get it across the finish line,” said Behr.
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.