Paramount Realty Services of Lakewood, N.J., has purchased Columbus Crossing, a 140,418-square-foot shopping center in Philadelphia for roughly $40 million.
Anchored by T.J. Maxx, HomeGoods and Ulta Beauty, Columbus Crossing was fully leased at the time of sale.
In another, separate transaction, Bensalem Crossing also recently sold for $11.5 million and highlights how investors continue to snap up certain retail assets that have determined are nearly pandemic proof.
At 67,215 square feet, Bensalem Crossing is anchored by a ShopRite and also counts CVS and Verizon as tenants. The property was put up for sale in April.
In Philadelphia, Columbus Crossing was sold by an affiliate of Blackstone Real Estate Partners, which acquired the property as part of a larger portfolio of 49 retail properties sold in 2016 by Riocan Real Estate Investment Trust. The property at 1851 S. Columbus Blvd. has also has Walmart and Home Depot as tenants on separate pad site and those were not part of the transaction. Walmart and Home Depot own their respective properties.
Both properties have tenants that continue to do well even in an pandemic.
The site where Columbus Crossing is located is zoned CMX-5, which allows for dense, mixed-use development, and totals 11 acres fronting the Delaware River. “It is perfectly positioned within the path of growth along the river,” Munley said. Demand for the center was high, which was due in most part to the zoning and potential for future development, he said.
Paramount put the property under agreement in December and the transaction was scheduled to close on March 28 but was delayed as a result of the coronavirus and protests. The stores were closed and boarded up. The buyer and lender wanted to make certain tenants would pay rent and that the deal still made sense before finalizing the transaction.
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