{"id":1004125237,"date":"2015-08-13T05:31:05","date_gmt":"2015-08-13T13:31:05","guid":{"rendered":"https:\/\/synd.yardi.com\/?p=357828"},"modified":"2020-05-18T23:46:17","modified_gmt":"2020-05-19T07:46:17","slug":"cbre-brokers-major-transaction-in-philadelphia-2","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/cbre-brokers-major-transaction-in-philadelphia-2\/","title":{"rendered":"CBRE Brokers Major Transaction in Philadelphia"},"content":{"rendered":"

By Adriana Pop, Associate Editor <\/em><\/p>\n

The recent sale of Penrose Plaza Shopping Center in Southwest Philadelphia marks one of the region\u2019s most significant retail transactions this year.<\/p>\n

\"Penrose<\/a><\/p>\n

Penrose Plaza Shopping Center in Philadelphia<\/p>\n<\/div>\n

A joint venture involving Abrams Realty & Development<\/a> of Elkins Park and Onyx Equities<\/a> of Woodbridge, N.J. paid $25 million to purchase the 263,000-square-foot property from a Korman Commercial Properties<\/a> subsidiary called Eastwick JV IV and V.<\/p>\n

CBRE\u2019s Kevin McClernon<\/a> and George Schmitt<\/a> represented the seller in the transaction.<\/p>\n

Penrose Plaza is located in one of the most densely populated markets, with more than 14,400 households within a 1.5 mile radius. The center is anchored by the ShopRite supermarket, which is operated by Browns Super Stores, Inc. Besides a high quality tenant lineup, Penrose Plaza also offers its customers generous parking space in an urban setting.<\/p>\n

The property\u2019s owners are now planning to expand and remodel the food market, as well as re-tenant the currently vacant 95,000-square-foot former K Mart store.<\/p>\n

\u201cIn addition to its high visibility, there is also limited retail competition, helping to ensure the ongoing success of the tenants and thus contributing to the center\u2019s ongoing occupancy levels. All of this made this property an exciting investment opportunity,\u201d commented McClernon, senior vice president with CBRE\u2019s Investment Properties division.<\/p>\n

The property\u2019s retail competition is limited due to land constraints created by the U.S. Postal Service Processing and Distribution Center, Philadelphia International Airport runway clearances, The John Heinz National Wildlife Preserve, Interstate 95, and the Delaware River.<\/p>\n

Photo credits: Abrams Realty & Development<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

The recent sale of Penrose Plaza Shopping Center in Southwest Philadelphia marks one of the region’s most significant retail transactions this year.<\/p>\n","protected":false},"author":260,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21742,1494],"tags":[],"class_list":["post-1004125237","post","type-post","status-publish","format-standard","hentry","category-latest","category-philadelphia"],"acf":[],"yoast_head":"\nCBRE Brokers Major Transaction in Philadelphia - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/cbre-brokers-major-transaction-in-philadelphia-2\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"CBRE Brokers Major Transaction in Philadelphia\" \/>\n<meta property=\"og:description\" content=\"The recent sale of Penrose Plaza Shopping Center in Southwest Philadelphia marks one of the region’s most significant retail transactions this year.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/cbre-brokers-major-transaction-in-philadelphia-2\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2015-08-13T13:31:05+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-05-19T07:46:17+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2015\/08\/Penrose-Plaza-Shopping-Center-in-Philadelphia.jpg\" \/>\n<meta name=\"author\" content=\"Adriana Pop\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/cbre-brokers-major-transaction-in-philadelphia-2\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/cbre-brokers-major-transaction-in-philadelphia-2\\\/\"},\"author\":{\"name\":\"Adriana Pop\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/c6fbe4a6cd09e6097b39e787ae96d7ad\"},\"headline\":\"CBRE Brokers Major Transaction in Philadelphia\",\"datePublished\":\"2015-08-13T13:31:05+00:00\",\"dateModified\":\"2020-05-19T07:46:17+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/cbre-brokers-major-transaction-in-philadelphia-2\\\/\"},\"wordCount\":267,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/cbre-brokers-major-transaction-in-philadelphia-2\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/synd.yardi.com\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2015\\\/08\\\/Penrose-Plaza-Shopping-Center-in-Philadelphia.jpg\",\"articleSection\":[\"News\",\"Philadelphia\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/cbre-brokers-major-transaction-in-philadelphia-2\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/cbre-brokers-major-transaction-in-philadelphia-2\\\/\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/cbre-brokers-major-transaction-in-philadelphia-2\\\/\",\"name\":\"CBRE Brokers Major Transaction in Philadelphia - 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