KPR Sells Philadelphia-Area Shopping Center
The anchor tenant plans to remodel its store.
Acme Food Markets is the anchor tenant of the property. Image courtesy of Institutional Property Advisors
KPR Centers has sold Gloucester Town Center, a 102,660-square-foot grocery-anchored shopping center in Sicklerville, N.J. Institutional Property Advisors brokered the transaction, representing the seller and procuring the buyer, a New York-based partnership.
KPR purchased the shopping center in 2014 for $10.3 million, according to CommercialEdge data. Completed in 2003, the property encompasses four buildings on a 19.2-acre site.
Acme Food Markets is the anchor tenant at the property, with a 57,560-square-foot, long-term lease in place. The company is planning a complete remodel of its store.
The tenant roster mainly includes national tenants, such as Dollar Tree, Supercuts, AT&T, Pizza Hut, Lowe’s, Target, PetSmart and Mavis Discount Tires. The asset also has several pad sites, which were recently leased to Taco Bell, KFC and Chase Bank. Gloucester Town Center was 98 percent leased at the time of the sale.
Gloucester Town Center is at 525 Berlin-Cross Keys Road, roughly 15 miles from downtown Philadelphia. Within a 3-mile radius, the shopping center serves approximately 60,000 residents with an annual average income exceeding $106,000. According to IPA, there are around 3,500 residential housing units in the planning and under construction stages within 5 miles of the retail center.
Institutional Property Advisors has recently represented Citivest Commercial in the sale of a 107,080-square-foot grocery-anchored retail center in Indianapolis. IPA worked on behalf of the seller and procured the buyer.
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