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| Chris Munley |
PHILADELPHIA, PA – JLL Capital Markets announced
it has closed the sale of Columbus Crossing, a 140,418-square-foot,
fully leased, open-air, infill, riverfront shopping center positioned on
Columbus Boulevard in Philadelphia, Pennsylvania.
JLL marketed the property on behalf of the
seller. Paramount Realty Services purchased the asset.
Columbus Crossing is anchored and leased by some
of the strongest retailers in the marketplace, including T.J. Maxx, Homegoods,
Ulta Beauty, Planet Fitness, Chipotle and AT&T.
Additionally, the asset is shadow anchored by
both a high-volume Walmart and Home Depot, two of the most dominant retailers
in the United States, which facilitate major traffic into the shopping center.
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| Jim Galbally |
Furthermore, the Columbus Crossing is positioned
within the path of growth of Philadelphia’s riverfront revitalization.
The Delaware River Waterfront Corporation is closing in on the execution of its master plan that was adopted by the Philadelphia Planning Commission in 2012, with significant projects being proposed, underway and fully delivered totaling over $1 billion in planned investment along the corridor.
The JLL Retail Capital Markets team representing
the seller was led by Senior Managing Directors Chris Munley and Jim
Galbally and Senior Director Colin Behr.
The Delaware River Waterfront Corporation is closing in on the execution of its master plan that was adopted by the Philadelphia Planning Commission in 2012, with significant projects being proposed, underway and fully delivered totaling over $1 billion in planned investment along the corridor.
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| Colin Behr |
“Columbus Crossing offered an extremely rare
opportunity to acquire scarce and irreplaceable, riverfront real estate within
the City of Philadelphia,” Munley said.
“Demand for the asset was high, in most part due to the intrinsic value of the underlying real estate and the value-add potential if held long term.
“Demand for the asset was high, in most part due to the intrinsic value of the underlying real estate and the value-add potential if held long term.
“We are very fortunate to have worked with Paramount Realty
Services on this transaction and have immense gratitude for the efforts and
professionalism in bringing the deal to a close in a very challenging climate,”
Munley continued. “We believe they will do exceptionally well with the asset.”
Deal secured by Holliday Fenoglio Fowler LP (“HFF”)
prior to being acquired by JLL on July 1, 2019. Co-brokerage services provided
by Jones Lang LaSalle Americas, Inc.
CONTACT:
Kimberly Steele
JLL
Senior Associate
Public Relations
Phone: +1 713 852 3420
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