Another commercial real estate property in the tri-county area has been sold. The Exeter Commons shopping center in Exeter Township, Berks County, has been sold to New Jersey-based Wharton Realty Group Inc.
According to county property records, the 361,095 square feet of Exeter Commons sold for $72 million in a deal that closed on March 18. This sale price was $3.6 million lower than the center’s June 2016 sale price of $75.6 million.
According to JLL Capital Markets, which represented the seller in the transaction, the sale has been ongoing since December 2021. The property had not been listed for sale and was sold “off the market”.
Exeter Commons was completed in 2009 – built on 50 acres of land along Perkiomen Avenue (Route 422) in Exeter, and is 99.5% let, according to JLL. In March the Mid-Penn Bank branch in Exeter Commons was closed and is currently a vacant space in the centre.
A mix of tenants, including Giant Company, Lowe’s, Five Guys, Ross, PA Wine & Spirits, Five Below, Petco, Staples, Famous Footwear, America’s Best Contacts, Moe’s Southwest Grill, Red Robin, Supercuts, and Mattress Firm make up the center. retailers and service providers.
The center is also anchored in the shadows by Target. This plot is owned by Target and was not part of the mall sale.
Wharton Realty Group is headquartered in Eatontown, NJ With a current portfolio of over 30 properties, the company has over six million square feet of office and retail space.
Wharton Realty Group did not respond to a request for comment on the purchase and on the company’s plans for the property.
According to JLL, the buyer was attracted to the property due to the strong performance of incumbent tenants, in particular – Giant and Lowes.
“Market-dominant, grocery-anchored scale centers such as Exeter Commons are rarely available in the marketplace,” JLL Senior Managing Director Christopher Munley said in a press release announcing the close of trading. the transaction. “With demand for assets of this nature never greater, we fully expect trading in similar products to be at a premium for the foreseeable future.”
According to Colin Behr, JLL’s senior manager, there has been an influx of investors looking to acquire “rooted grocery assets” in the Philadelphia suburb of MSA. “Exeter Commons is exactly the type of asset that investors are targeting and will target,” he said.