Baederwood Shoppes on the Fairway, the Jenkintown shopping center with Whole Foods as its anchor tenant, has been sold for roughly $44 million to a partnership involving Charter Realty and Inland Real Estate Group of Companies, writes Natalie Kostelni for the Philadelphia Business Journal.
The seller was an affiliate of Barings Real Estate.
The 116,778-square-foot retail property is the last in a line of retail centers anchored by a Whole Foods store that have recently traded for premium prices. The desirability of such properties stems from having a strong anchor and a tenancy that is generally resistant from web competition.
This is something that has proven difficult for many other retail properties including malls and downtown Main Streets.
The center at 1537-1659 Fairway Valley Road sits on 10.4 acres. It had garnered a lot of interest including receiving several bids from real estate investment trusts, as well as institutional and private investors.
Other tenants at the shopping center include Planet Fitness, Panera Bread, Le Papillon Hair Salon, Message Envy, Baederwood Pharmacy, and two banks. The property is currently 94 percent occupied.
Read more about the Baederwood Shoppes sale at the Philadelphia Business Journal by clicking here.