A shopping plaza anchored by a Home Depot and a Petsmart in South Jersey sold for $31.5 million as properties with essential business tenants remain a bright spot amid the industries’ Covid-19-related struggles.
The 151,000-square-foot Lawnside Commons, located at 310 White Horse Pike, was bought by a partnership between Baltimore-based MCB Real Estate and United Hampshire US REIT. The latter is a real estate investment trust created by a Singapore’s UOB Global Capital to invest in retail properties anchored by grocery stores and other “necessity-based” retail in the U.S.
The seller was an LLC tied to Urban Edge Properties, a real estate investment trust that’s based in Paramus, New Jersey.
In addition to the Home Depot and Petsmart, both of which have been allowed to operate under New Jersey’s tight Covid-19 restrictions, the property is also leased to a Wendy’s, T-Mobile store and Mattress Firm. The shopping center is at full occupancy.
The plaza is also located between Interstate 295 and the New Jersey Turnpike in a high-traffic area that also features a Walmart, ShopRite and a Lowes.
Retail properties that are anchored by grocery stores have been increasingly sought-after by investors even before the Covid-19 pandemic since they’re seen as more immune to rising e-commerce activity. That trend is continuing to grow as the pandemic’s had a substantial impact on the retail commercial real estate world as non-essential businesses remain closed and struggle to pay rents.
*Article courtesy of Philadelphia Business Journal
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