Suburban Philly Retail Center Trades in $43M Deal
An Inland Institutional Capital joint venture purchased the Whole Foods-anchored Baederwood Shoppes on the Fairway in Jenkintown, Pa.
Baederwood Shoppes on the Fairway. Image courtesy of Charter Realty & Development Corp.
A joint venture between Inland Institutional Capital and Charter Realty & Development Corp. acquired Baederwood Shoppes on the Fairway, a retail center in Jenkintown, Pa. The grocery-anchored property traded for $43.3 million. According to public records, the seller was Barings Real Estate.
The 116,778-square-foot property was 94 percent occupied at the time of the sale, with Whole Foods Market being the anchor tenant. The shopping center is also home to Planet Fitness, Panera Bread, Le Papillon Hair Salon, Massage Envy, Baederwood Pharmacy, Penn Community Bank and WSFS Bank. Additionally, fitness and lifestyle brand Athleta plans to add a new location at the site in the fall of 2020.
Baederwood Shoppes on the Fairway sits on 10 acres at 1537-1659 Fairway Valley Road, 10 miles north of Philadelphia. The Noble SEPTA regional rail station is within walking distance. The heavily trafficked retail corridor has 126,000 residents living within a 3-mile radius and a combined average traffic count reaches 39,000 vehicles per day.
The buyer was represented in-house by Inland Real Estate Acquisitions Senior Vice President Mark Cosenza alongside Charter Realty & Development Corp. Principal Paul Brandes.
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