Friday, April 21, 2017
PHILADELPHIA, PA –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has closed the $52.4 million sale of Bakers Centre, a 236,719-square-foot, grocery-anchored shopping center in Philadelphia, Pennsylvania.
HFF marketed the property on behalf of the seller, Metro Development Company, Carlino Commercial Development and US Realty Associates, Inc.
The multi-building property was developed between 2011 and 2015 and is anchored by ShopRite, Ross Dress for Less and Planet Fitness.
Situated on 27.4 acres at 2800 Fox Street, Bakers Centre has become the go-to retail destination for the local community of East Falls/Hunting Park. The center is surrounded by a consumer base of more than 400,000 residents within a three-mile radius.
The HFF team representing the seller was led by managing director Chris Munley, associate director Michael DiCosimo and senior managing director Jose Cruz. Gregory Bianchi, vice president with US Realty Associates, Inc. assisted with the acquisition as well.
“The city of Philadelphia has a limited supply of grocery-anchored shopping centers of this size and quality, which made Bakers Centre a rare opportunity for investors,” Munley said. “Compounding the scarcity of the opportunity with a premium anchor in ShopRite, Philadelphia’s No. 1 grocer by market share, and a location poised for future growth, the asset received wide institutional interest.”
For a complete copy of the company’s news release, please contact:
Public Relations Specialist
HFF | 9 Greenway Plaza, Suite 700 | Houston, Texas 77046
tel 713.852.3403 | fax 713.527.8725 | www.hfflp.com