Suburban Philadelphia grocery-anchored retail center trades
JLL Capital Markets arranged the sale of the 134,980-square-foot, grocery-anchored Creekview Center in Warrington, Pennsylvania
Philadelphia, Feb. 20, 2023 – JLL Capital Markets announced today that it has closed the sale of Creekview Center, a 134,980-square-foot, grocery-anchored shopping center located in the Philadelphia suburb of Warrington, Pennsylvania.
Creekview Center includes a tenant lineup of grocery, service, medical uses and financial services, accounting for over 6.7 years of weighted average lease term at the time of sale. In addition to its national grocery anchor, noteworthy tenants leasing space at the shopping center include Chipotle, Bank of America, Petco and more. The property also features the market leading shadow anchors of Target and Lowe’s.
Situated at 425 Easton Rd. (intersection of Street Road and Easton Road), Creekview Center is located along route 309, a prominent retail corridor that runs through Bucks County and just 15 miles north of Center City Philadelphia. The property benefits from the approximately 57,000 vehicles that pass the property per day and boasts consumer counts of three million unique property visits over the trailing 12 months per PlacerAI.
The JLL Retail Capital Markets Investment Sales and Advisory team that represented the seller was led by Senior Managing Director Christopher Munley and Jim Galbally and Managing Director Colin Behr.
“Exceptionally well-located, grocery-anchored retail real estate with sound property level fundamentals are always in peak demand, and Creekview Center ideally fit that profile with a significant amount of investor interest,” stated Munley.
“Through the first quarter of 2023, we have experienced an increased demand for retail product in the Mid-Atlantic market from private and institutional investors alike while simultaneously continuing to see positive rent growth and leasing spreads at the asset level,” said Behr.
“Congratulations to Goodman Properties on their most recent acquisition within the greater Philadelphia marketplace. They were able to move on the acquisition quickly and close with flawless execution,” stated 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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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 Goodman Properties
Goodman Properties has become one of the Delaware Valley’s leading real estate development and management firms. Over the past 40 years, the company has evolved into an elite developer of specialty stores, premier regional shopping centers with more than 6 million square feet of diverse commercial, residential, industrial, and office space. Goodman Properties manages over 700 tenants across their portfolio ranging from small local businesses to the largest national retailers in the country. Goodman Properties is dedicated to developing the highest quality properties with stunning architectural elements and beautiful landscaping. As part of their continued commitment to excellence, they self-manage each of their properties with the utmost concern for quality and first-class maintenance.