Red Lion Plaza, a roughly 240,000-square-foot shopping center at Red Lion Road and Roosevelt Boulevard in Northeast Philadelphia, has been sold for $56.45 million.
Finmarc Management Inc. and KPR sold the center. The buyer was affiliated with the Propp family from New York. The center at 9950 Roosevelt Blvd. was 97% occupied at the time of the sale.
The Finmarc-KPR venture bought Red Lion Plaza in 2013 for roughly $32 million. At the time, it was smaller at 229,204 square feet and 95% occupied with such retailers as Best Buy, Staples and Planet Fitness, which remain tenants.
The center, built in 1962, underwent several upgrades during the Finmarc ownership and new tenants were brought in. Burlington and Ross Dress for Less were added in late 2019 and early 2020, and a national grocery believed to be Amazon Fresh has signed on to lease a 43,825-square-foot store once occupied by Raymour & Flanigan. It is expected to open next year.
Two new pad sites were also developed that created nearly 20,000 square feet of additional space now leased to Aspen Dental, Mattress Firm, Panera Bread and Tropical Smoothie Café.
*Article courtesy of Philadelphia Business Journal
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