Philadelphia Grocery-Anchored Retail Center Lands Refi
AXA Equitable Life Insurance Co. provided the five-year, fixed-rate loan.
Penrose Plaza. Image via Google Street View
Working on behalf of a joint venture between Onyx Equities and Siguler Guff, JLL Capital Markets secured a refinancing loan for Penrose Plaza, a grocery-anchored shopping center in Philadelphia. The borrower will use the proceeds, which include initial and future funding, to refinance an existing loan and complete a value-add business plan.
The 263,800-square-foot property is located on 30 acres at 2900 Island Ave., with access to multiple thoroughfares, including Interstate 95, as well as public transportation options. Additionally, Penrose Plaza within walking distance of a series of residential communities. ShopRite anchors the center, with the tenant roster also including Planet Fitness, Dollar Tree, Citi Trends and Subway.
JLL Managing Director Steve Klein and Senior Managing Director Ryan Ade led the team that represented the borrowers.
The new financing comes a few months after a joint venture acquired Baederwood Shoppes on the Fairway, a 116,800-square-foot retail center in Jenkintown, Pa., some 20 miles from Penrose Plaza.
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