Northpath Investments offered the asset with the help of JLL Capital Markets.
Triple Bar Properties Inc. has acquired Kendig Sq., a 186,749-square-foot, grocery-anchored procuring heart in Willow Road, Pa. Northpath Investments was the vendor, being represented by JLL Capital Markets. The asset modified arms for $24.5 million, public data present.
Inbuilt 1991 on 28.4 acres, the middle was 95 % leased on the time of sale, being anchored by Weis Markets. Different tenants embody Planet Health, UPS Greenback Common, Ceremony Assist, Greenback Tree and PNC.
Kendig Sq. is situated at 2600 Willow Road Pike, close to the conjunction of routes 222, 30 and 283. The realm sees a visitors rely of 12,120 automobiles per day, based on CommercialEdge information. Some 130,000 folks, having a median family earnings of just about $75,000, reside inside a 5-mile radius.
JLL Senior Managing Administrators Christopher Munley and Jim Galbally, along with Senior Director Colin Behr and Affiliate James Graf, negotiated on behalf of the vendor. Behr stated, in ready remarks, that the transaction is consultant for the continuing development of fairness pursuing high quality, grocery-anchored facilities in secondary markets.
In accordance with CBRE analysis, grocery-anchored facilities will stay the usual of retail funding, particularly since grocery-based e-commerce is predicted to double by 2025. The client pool may also improve as debt liquidity improves.
