KPR Facilities has acquired Eagle Plaza, a 230,000-square-foot grocery-anchored neighborhood purchasing heart within the Philadelphia space, from First Nationwide Realty Companions for $41.7 million.
The property at 700 Haddonfield-Berlin Highway in New Jersey’s Voorhees Township was inbuilt 1976 and options practically 40 retailers and eating places, together with Acme Markets, Ross Costume for Much less, 5 Under, Chipotle and Ace Pickleball Membership.
Eagle Plaza is surrounded by a inhabitants of about 240,000 residents inside a five-mile radius, together with some 95,000 households with a median earnings nearing $145,000.
Brad Nathanson and JP Colussi of Institutional Property Advisors represented the client and the vendor on this transaction.
KPR’s increasing portfolio
With a portfolio of roughly 10 million sq. ft of retail area throughout 18 states, KPR has been on the acquisition path this 12 months.
Within the fall, the corporate entered the Colorado space with the $56.5 million buy of Denver’s College Hills, a 210,000-square-foot grocery-anchored heart.
In March, KPR Facilities bought a 1.5 million-square-foot retail portfolio in Florida and the Midwest for $180 million. Kimco Realty Corp. was the eight belongings’ earlier proprietor, in response to CommercialEdge knowledge.
Positioned in Wisconsin, Florida, and Missouri, the retail facilities function nationwide and regional retailers together with Michael’s, Marshalls, Dick’s Sporting Items, The Recent Market and Ross Costume for Much less.
Different corporations need to put money into New Jersey properties as nicely. In October, a fund managed by DRA Advisors, along with Soundwater Properties, acquired a three-property, 376,462-square-foot purchasing heart portfolio in Ocean County, N.J. A ShopRite retailer anchors every heart. Pasbjerg Improvement Co., the properties’ developer and supervisor, offered them in a transaction organized by CBRE.
The portfolio includes Lacey Mall at 344 US-9 in Lacey Township, Jackson Plaza at 260 N. County Line Highway in Jackson Township and Bay Plaza at 860 Fischer Blvd. in Toms River.
