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| Penrose Plaza, a 263,847-square-foot, grocery-anchored shopping center in Philadelphia, PA, is anchored by ShopRite, the dominant grocery anchor in the region. |
PHILADELPHIA, PA – JLL Capital Markets announced it has arranged a refinancing for Penrose Plaza, a 263,847-square-foot, grocery-anchored shopping center in Philadelphia, Pennsylvania.
JLL worked on behalf of the borrower, a joint venture between Onyx Equities and Siguler Guff, to place the five-year, fixed-rate loan with AXA Equitable Life Insurance Company.
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| Steve Klein |
Penrose Plaza is anchored by ShopRite, the dominant grocery anchor in the region.
ShopRite recently extended its lease and expanded its footprint at the center, which is also home to a diverse roster of mostly service-oriented, restaurant and internet-resistant tenants such as dd’s DISCOUNTS, Planet Fitness, Dollar Tree, Citi Trends and Subway.
ShopRite recently extended its lease and expanded its footprint at the center, which is also home to a diverse roster of mostly service-oriented, restaurant and internet-resistant tenants such as dd’s DISCOUNTS, Planet Fitness, Dollar Tree, Citi Trends and Subway.
Situated on 30 acres at 2900-3000 Island Ave., Penrose Plaza is in South Philadelphia, approximately six miles from Center City in an exceptionally dense trade area with a population of 147,560 within a three-mile radius.
The retail center has direct access to some of the most heavily traveled thoroughfares in the region and benefits from proximity to the large employee bases at Philadelphia International Airport, University of Pennsylvania, the Navy Yard and more.
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| Ryan Ade |
“JLL is grateful to have had the opportunity to work alongside Onyx Equities, Siguler Guff and AXA Equitable Life Insurance Company on this transaction,” Klein said.
“The borrower has greatly enhanced the shopping center since taking ownership, and we are looking forward to the completion of their value-add business plan, which will further improve the property for both shoppers and tenants alike.”
“The borrower has greatly enhanced the shopping center since taking ownership, and we are looking forward to the completion of their value-add business plan, which will further improve the property for both shoppers and tenants alike.”
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Contact:
Kimberly Steele
JLL Senior Associate
Public Relations
Kimberly Steele
JLL Senior Associate
Public Relations
Phone: +1 713 852 3420
Email: Kimberly.Steele@am.jll.com
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