SITE Centers Sells Philadelphia-Area Retail Center
Walmart and Acme anchor the property.
SITE Centers Corp. has sold Larkin’s Corner, a 225,214-square-foot grocery-anchored retail center in Boothwyn, Pa. JLL Capital Markets brokered the transaction, working on behalf of the seller and procuring the buyer.
SITE purchased the asset back in 2016 for $27.1 million, according to CommercialEdge data. The same source shows that Wells Fargo Bank provided a $18.3 million CMBS loan.
Completed in 1994, the shopping center comprises four buildings on a 23.8-acre site. Anchored by Walmart and Acme, Larkin’s Corner was 99 percent leased at the time of the sale. The property’s tenant roster includes McDonald’s, Dollar Tree, TD Bank, Game Stop, T-Mobile, Arby’s and America’s Best.
With a weighted average tenure of 17.4 years and the addition of 168,000 square feet of new and renewed leases since 2019, the property counted approximately 2 million visitors in the last 12 months.
Larkin’s Corner is located at 601 Conchester Highway, in Delaware County. The shopping center is near Interstate 95, which provides direct access to downtown Philadelphia. According to information provided by SITE last year, the center serves nearly 150,000 residents within a couple of miles from the property, with an average household income of $77,784.
Senior Managing Directors Chris Munley and Jim Galbally, Managing Director Colin Behr, Director James Graf and Associate Patrick Higgins led the JLL Retail Capital Markets team.
SITE has recently sold Terrell Plaza, a 107,884-square-foot retail center in San Antonio. Property Commerce Divided Fund acquired the asset in a deal arranged by JLL.