Buying an institutionally-owned asset anchored by high quality retailers Hobby Lobby, Ross Dress For Less, and Burlington. The purchase price of $39,750,000 (9.1% cap rate / $110/SF) represents an ~8% price reduction from a couple months ago, when we first won the bid. This is significantly below replacement cost (which we estimate would approach $300/SF) and represents excellent value.
In a very strong and stable middle class regional hub in the Philadelphia metro – on the NJ side. It is prominently located in a dominant regional retail node that is anchored by a high-quality mall and draws from a high-density, growing trade area with ~$106,000 average household incomes. Has been well-maintained by current ownership, and is one of two high-quality open-air centers in this submarket. It is 90%+ occupied.
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