Triple Bar Properties Buys Pennsylvania Retail Center
Northpath Investments sold the asset with the assistance of JLL Capital Markets.
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Triple Bar Properties Inc. has acquired Kendig Square, a 186,749-square-foot, grocery-anchored shopping center in Willow Street, Pa. Northpath Investments was the seller, being represented by JLL Capital Markets. The asset changed hands for $24.5 million, public records show.
Built in 1991 on 28.4 acres, the center was 95 percent leased at the time of sale, being anchored by Weis Markets. Other tenants include Planet Fitness, UPS Dollar General, Rite Aid, Dollar Tree and PNC.
Kendig Square is located at 2600 Willow Street Pike, near the conjunction of routes 222, 30 and 283. The area sees a traffic count of 12,120 cars per day, according to CommercialEdge data. Some 130,000 people, having an average household income of almost $75,000, live within a 5-mile radius.
JLL Senior Managing Directors Christopher Munley and Jim Galbally, together with Senior Director Colin Behr and Associate James Graf, negotiated on behalf of the seller. Behr said, in prepared remarks, that the transaction is representative for the ongoing trend of equity pursuing quality, grocery-anchored centers in secondary markets.
According to CBRE research, grocery-anchored centers will remain the standard of retail investment, especially since grocery-based e-commerce is expected to double by 2025. The buyer pool will also increase as debt liquidity improves.
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