This Week’s Philadelphia Deal Sheet: South Jersey Strip Mall Sells For $12M More Than 2022 Price
As many traditional enclosed South Jersey malls struggle to stay relevant, a strip center in Voorhees has increased in value to the tune of millions of dollars in just two years.
KPR Centers bought the 230K SF Eagle Plaza at 700 Haddonfield-Berlin Road for $41.7M, according to a press release from the company. That’s $12M more than the complex sold for in 2022.
The nearly 40 tenants renting spaces at the 50-year-old strip mall include Acme Markets, Ross Dress for Less and Five Below. There’s also a Chipotle and a pickleball club.
“We were initially attracted to Eagle Plaza based on the strong and diverse tenant mix, significant weighted average lease term, and the presence of a high-performing grocery store anchor,” KPR Chief Operating Officer Andrew Frank said in a statement.
“The property sits in the heart of the retail node in Voorhees Township, an area which has experienced tremendous population and income growth over the past several years.”
Eagle Plaza has experienced a turnaround in recent years. Five years ago, Camden County held a reopening ceremony to thank then-owner Hutensky Capital Partners for revitalizing underperforming shopping centers, the Philadelphia Inquirer reported.
Brad Nathanson and JP Colussi of Institutional Property Advisors represented KPR and the seller.
CONSTRUCTION AND DEVELOPMENT
Stakeholders celebrated the Allentown Housing Authority's new 50-unit affordable housing complex during a ribbon-cutting ceremony Thursday.
The new Bridgeside Estates also includes a nearly 5K SF community building, according to a press release from Pennrose, which developed the project. The complex for families making between 20% and 60% of the area median income also has a playground and on-site community support services.
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Wexford Science & Technology is planning to undertake $29M worth of renovations in its life sciences building at 3711 Market St., the Philadelphia Business Journal reported.
The work, expected to wrap up before the end of the year, is meant to boost leasing in the building. It is only 45% occupied.
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Construction is complete at the Edgewater Apartments, a 180-unit residential building at 230 N. 23rd St. in Logan Square, PhillyYIMBY reported.
The seven-story, 145K SF structure will have a mix of studios, one- and two-bedroom apartments.
