Philly shopping center sold for $53M
JLL says plenty of buyers for urban retail
Two New York-based landlords -- Lloyd Goldman's BLDG Management and Jeffrey Feil's Feil Organization -- have sold the 340,000 sq. ft. One and Olney Square shopping center, anchored by a Shop-Rite and featuring Dollar Tree, Modell's, Burger King and others, to Wharton Realty Group, owned by brothers Isaac and Mark Massry of Eatontown, N.J., for $52.5 million, according to people familiar with the sale.
The urban center attracted "a tremendous amount of investor interest," says Jim Galbally, SVP at broker
JLL capital Markets, who led the team that closed the sale. He says private, institutional and REIT investors are attracted to rowhouse neighborhoods with plenty of shoppers, and has expansion "potential." (See also why Bruce Schanzer of New York's Cedar Realty Trust loves Northeast and South Philly.) JLL says it expects to move $1 billion in Philly-area real estate for all of 2014.