A trio of partners, Metro Development Company, Carlino Commercial Development and US Realty Associates, Inc. have closed on the sale of a 236,719 sqf, grocery anchored shopping center in Philadelphia. The $52.4 million sale of Bakers Centre encompasses a multi-building property developed between 2011 and 2015. Located on a 27.4 acre site on Fox Street, the center is anchored by ShopRite, Ross Dress for Less and Planet Fitness. Holliday Fenoglio Fowler represented the sellers during the course of the sale.
“The city of Philadelphia has a limited supply of grocery-anchored shopping centers of this size and quality, which made Bakers Centre a rare opportunity for investors,” said HFF managing director Chris Munley. “Compounding the scarcity of the opportunity with a premium anchor in ShopRite, Philadelphia’s No. 1 grocer by market share, and a location poised for future growth, the asset received wide institutional interest.”
