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SITE Facilities Corp. has bought Larkin’s Nook, a 225,214-square-foot grocery-anchored retail heart in Boothwyn, Pa. JLL Capital Markets brokered the transaction, engaged on behalf of the vendor and procuring the client.
SITE bought the asset again in 2016 for $27.1 million, in keeping with CommercialEdge information. The identical supply reveals that Wells Fargo Financial institution offered a $18.3 million CMBS mortgage.
Accomplished in 1994, the buying heart includes 4 buildings on a 23.8-acre website. Anchored by Walmart and Acme, Larkin’s Nook was 99 p.c leased on the time of the sale. The property’s tenant roster consists of McDonald’s, Greenback Tree, TD Financial institution, Sport Cease, T-Cellular, Arby’s and America’s Finest.
With a weighted common tenure of 17.4 years and the addition of 168,000 sq. ft of recent and renewed leases since 2019, the property counted roughly 2 million guests within the final 12 months.
Larkin’s Nook is positioned at 601 Conchester Freeway, in Delaware County. The buying heart is close to Interstate 95, which offers direct entry to downtown Philadelphia. In line with info offered by SITE final 12 months, the middle serves almost 150,000 residents inside a few miles from the property, with a median family revenue of $77,784.
Senior Managing Administrators Chris Munley and Jim Galbally, Managing Director Colin Behr, Director James Graf and Affiliate Patrick Higgins led the JLL Retail Capital Markets workforce.
SITE has just lately bought Terrell Plaza, a 107,884-square-foot retail heart in San Antonio. Property Commerce Divided Fund acquired the asset in a deal organized by JLL.
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