Philadelphia riverfront shopping center sold
JLL Capital Markets closed the sale of the fully leased, core retail property to Paramount Realty Services
PHILADELPHIA, July 27, 2020 – JLL Capital Markets announced today that 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.
The property is located along South Christopher Columbus Boulevard on the south-east section of Philadelphia, supported by and drawing from the most affluent and gentrifying communities in Philadelphia, including Society Hill, Old City, Queen Village and Northern Liberties. 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.
“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.
“We are very fortunate to have worked with Paramount Realty 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.”
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 advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
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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.
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 $18.0 billion, operations in over 80 countries and a global workforce of more than 94,000 as of March 31, 2020. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Paramount Realty Services, Inc.
Paramount Realty remains committed to its core philosophy: combining local knowledge with broad and deep experience, and a dedication to maintaining strong personal relationships with retailers, shoppers, and investors. In doing so, Paramount have created a retail portfolio of more than 10 million square feet throughout the Northeast. The acquisition of LMS Commercial Real Estate expanded the geographic reach along with the scope and breadth of expertise. With over 60 industry professionals, Paramount Realty Service is a full-service retail real estate company specializing in development, leasing, management, tenant representation, and third-party brokerage.
As an owner and manager of community and neighborhood retail centers in the Northeast, Paramount understands that serving time-pressed shoppers and communities now requires a very different set of tenants and expectations than just a few years ago. Its open-air projects now contain a variety of tenants and experiences: traditional, supermarket and off-price shopping, restaurants, entertainment, everyday services, fitness centers and even medical facilities. More than just retail centers, developments, re-developments and acquisitions now focus on mixed-use properties and on freestanding ground-lease developments that become part of shoppers’ everyday lives.