Philadelphia-MSA retail center sold
JLL Capital Markets arranged the sale of the 298,719-square foot Airport Square in Montgomeryville, Pennsylvania
PHILADELPHIA, Sept. 20, 2022 – JLL Capital Markets announced today that it has closed the sale of Airport Square, a 298,719-square-foot, open-air retail center in Montgomery, Pennsylvania within a hyperactive retail corridor.
JLL represented the seller, a global investment advisor. The buyer was a fund advised by Wafra Inc.
Built in 1982, the 98-percent-occupied Airport Square is anchored by TJ Maxx, Marshalls, Best Buy, Home Goods, HomeSense and Golf Galaxy. Notable tenants include Old Navy, Michaels, Chipotle, Shake Shack and more. The center was the #1 most visited non-grocery anchored property in a five-mile radius with over 3.6 million visits over the last 12 months.
Located at 801 Bethlehem Pike, the suburban infill location is near the highly trafficked intersection of Routes 309 and 202 in Montgomeryville and is proximate to a population of 148,041 and average household income of $130,545 within five miles.
The JLL Retail Capital Markets Investment Sales and Advisory team that represented the seller was led by Senior Managing Directors Jim Galbally and Christopher Munley, Senior Director Colin Behr and Director James Graf.
“Airport Square represented an opportunity to acquire, arguably, the best power center in the Philadelphia MSA, creating an extremely competitive bid process that ultimately generated double digit offers,” said Galbally.
“The seller has done a phenomenal job throughout its hold period, re-positioning this asset and attracting best-in-class retailers, which establishes Airport Square as the dominant power center in the greater Philadelphia trade area,” added Behr.
“The demand for the asset was extraordinary. Offers were procured from a wide variety of capital sources, including high net worth family offices, public REIT’s and institutions representing foreign capital,” stated Munley.
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.
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About JLL
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $19.4 billion, operations in over 80 countries and a global workforce of more than 102,000 as of June 30, 2022. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Wafra Inc.
Wafra is a global alternative investment manager with approximately $33 billion of assets under management. Wafra invests across a range of alternative assets, including traditional and alternative real estate, strategic partnerships, real assets and infrastructure. By providing flexible and accretive capital solutions and focusing on long-term partnerships, Wafra aligns and partners with best-in-class asset owners, companies and management teams. Headquartered in New York, Wafra has additional offices in London, Kuwait and Bermuda. For more information, please visit: www.wafra.com.