Retail center in Philadelphia area sells
JLL Capital Markets arranged the sale of the 162,000-square foot Richland Marketplace in Quakertown, Pennsylvania
PHILADELPHIA, October 13, 2022 – JLL Capital Markets announced today that it has closed the sale of Richland Market Place, a 162,000-sqaure-foot, retail center in Quakertown, Pennsylvania.
JLL represented the seller, KPR. First National Realty Partners acquired the asset.
The 89.1-percent-occupied Richland Marketplace is anchored by Aldi, PetSmart and BestBuy and junior-anchored by Planet Fitness and Staples. Shadow anchors include BJ’s Wholesale and Target, drawing additional traffic to the center.
Richland Marketplace is situated on Route 309, a major north/south thoroughfare that offers access to many of Philadelphia’s affluent suburbs. The average household income within a 10-mile radius of the property exceeds $107,000.
The JLL Retail Capital Markets Investment Sales and Advisory team that represented the seller was led by Senior Managing Directors Christopher Munley and James Galbally, Senior Director Colin Behr and Director James Graf.
“This was a collaborative effort by both sides, working as a team to get this across the finish line during a volatile time in the capital markets,” said Behr. "We appreciate the hard work both buyer and seller put into this in order to complete the transaction.”
“Philadelphia suburban retail markets, and in particular grocery-anchored assets within these markets, have performed exceptionally well over the past few years,” said Munley. “These assets have experienced tremendous leasing momentum along with attractive rental growth, which is reflective in the demand seen from the capital markets.”
“Retail assets in the Greater Philadelphia market continue to draw strong interest from investors due to excellent market fundamentals and favorable risk adjusted returns,” said Graf. “In 2022 we will sell over 40 shopping centers in Pennsylvania and New Jersey.”
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 KPR
With over 15 years of real estate investment experience, KPR has a defined strategy of acquiring retail and industrial properties within select markets that offer a compelling opportunity to create value. KPR is a vertically integrated investor with in-house retail leasing, management and development operations tailored to maximize value through proactive leasing, repositioning and redevelopment of its properties.
Established in Boston in 2003, KPR has since expanded its footprint in 14 states within the greater New England, New York State, Mid-Atlantic, and Southeast submarkets. KPR’s successful track record of strategic acquisitions and dispositions has led us to transactions and trusted partnerships with public REITs, institutions, private equity groups and family offices.
About First National Realty Partners
First National Realty Partners is one of the fastest-growing vertically integrated commercial real estate investment firms in the United States. FNRP’s mission is to provide everyday accredited investors with access to real estate assets that traditionally have been available only to institutional investors. Specializing in grocery-anchored, necessity-based retail, the firm sources opportunities both on and off-market nationwide. From acquisition to disposition, FNRP oversees the entire investment lifecycle 100% in-house, leveraging top talent in legal, acquisitions, leasing, and other key areas to ensure its properties achieve maximum value and partners realize exceptional risk-adjusted returns.