KPR Centers Pays $42M for Philadelphia-Area Mall

KPR Facilities has acquired Eagle Plaza, a 230,000-square-foot grocery-anchored neighborhood procuring heart within the Philadelphia space, from First Nationwide Realty Companions for $41.7 million.

The property at 700 Haddonfield-Berlin Street in New Jersey’s Voorhees Township was in-built 1976 and options almost 40 retailers and eating places, together with Acme Markets, Ross Gown for Much less, 5 Beneath, Chipotle and Ace Pickleball Membership.

Eagle Plaza is surrounded by a inhabitants of about 240,000 residents inside a five-mile radius, together with some 95,000 households with a median earnings nearing $145,000.

Brad Nathanson and JP Colussi of Institutional Property Advisors represented the client and the vendor on this transaction.

KPR’s increasing portfolio

With a portfolio of roughly 10 million sq. ft of retail area throughout 18 states, KPR has been on the acquisition path this 12 months.

Within the fall, the corporate entered the Colorado space with the $56.5 million buy of Denver’s College Hills, a 210,000-square-foot grocery-anchored heart.

In March, KPR Facilities bought a 1.5 million-square-foot retail portfolio in Florida and the Midwest for $180 million. Kimco Realty Corp. was the eight belongings’ earlier proprietor, in keeping with CommercialEdge information.

Situated in Wisconsin, Florida, and Missouri, the retail facilities characteristic nationwide and regional retailers together with Michael’s, Marshalls, Dick’s Sporting Items, The Contemporary Market and Ross Gown for Much less.

Different companies want to spend money on New Jersey properties as effectively. In October, a fund managed by DRA Advisors, along side Soundwater Properties, acquired a three-property, 376,462-square-foot procuring heart portfolio in Ocean County, N.J. A ShopRite retailer anchors every heart. Pasbjerg Improvement Co., the properties’ developer and supervisor, bought them in a transaction organized by CBRE.

The portfolio includes Lacey Mall at 344 US-9 in Lacey Township, Jackson Plaza at 260 N. County Line Street in Jackson Township and Bay Plaza at 860 Fischer Blvd. in Toms River.