Done Deals: JLL Capital Markets closes sale of the 225,214-square-foot Larkin’s Corner grocery-anchored retail center in Boothwyn, PA

Friday, September 22, 2023

JLL Capital Markets closes sale of the 225,214-square-foot Larkin’s Corner grocery-anchored retail center in Boothwyn, PA

Larkin’s Corner, a 225,214-SF
grocery-anchored retail center
in Boothwyn, Delaware County, PA

Philadelphia, PA – JLL

Chris Munley

Capital Markets has closed the sale of Larkin’s Corner, a 225,214-square-foot, grocery-anchored retail center located in Boothwyn, Delaware County, Pennsylvania. The price was not disclosed.

JLL represented the seller, Site Centers, and procured the buyer, in this transaction.

The JLL Retail Capital Markets team was led by Senior Managing Director Chris Munley and Jim Galbally, Managing Director Colin Behr, Director James Graf, and Associate Patrick Higgins

Larkin’s Corner is currently 99% occupied, anchored by Acme Grocery and a national grocer, which combined, account for 69% of the property’s gross income.

Jim Galbally

Additional retailers contributing to a highly synergistic national tenant lineup include a newly re-located McDonald’s with drive-thru, TD Bank, Dollar Tree and more, featuring a weighted average tenure of 17.4 years in combination with the anchors.

Additionally, the center has received 2 million visitors in the past 12 months and has added approximately 168,000 square feet of new/renewed lease executions since 2019.

“We are excited to continue our momentum in closing with private investors as the capital markets continue to evolve as we close out 2023," Behr said.

Colin Behr

"Over the last 12 months, our team has closed almost $620M in trades across 26 transactions. It is clear investors are attracted to the fundamentals and stable cash flow available in the retail asset class."

“Retail market fundamentals are increasingly robust, and Larkin’s Corner is a direct example of the overall positive macro-economic characteristics bolstering retail shopping centers," stated Munley.

"With near full occupancy, a waiting list for specific space at the property, significant rental growth and leasing spreads, the asset’s performance was at an all-time high and in ideal position for a sale.”

“Despite rising interest rates and the evolving capital markets landscape we continue to see strong investor demand for retail assets.

James Graf

"Strong retail fundamentals nationally combined with availability of debt financing for retail assets have been the key drivers behind the strong investment sales activity in the retail sector,” stated Galbally.

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers.

The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment and sales advisory, debt advisory, equity advisory or a recapitalization.

The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.