KPR Centers Pays $42M for Philadelphia-Area Mall
KPR Centers has acquired Eagle Plaza, a 230,000-square-foot grocery-anchored neighborhood shopping center in the Philadelphia area, from First National Realty Partners for $41.7 million.
The property at 700 Haddonfield-Berlin Road in New Jersey’s Voorhees Township was built in 1976 and features nearly 40 retailers and restaurants, including Acme Markets, Ross Dress for Less, Five Below, Chipotle and Ace Pickleball Club.
Eagle Plaza is surrounded by a population of about 240,000 residents within a five-mile radius, including some 95,000 households with an average income nearing $145,000.
Brad Nathanson and JP Colussi of Institutional Property Advisors represented the buyer and the seller in this transaction.
KPR’s expanding portfolio
With a portfolio of approximately 10 million square feet of retail space across 18 states, KPR has been on the acquisition trail this year.
In the fall, the company entered the Colorado area with the $56.5 million purchase of Denver’s University Hills, a 210,000-square-foot grocery-anchored center.
In March, KPR Centers purchased a 1.5 million-square-foot retail portfolio in Florida and the Midwest for $180 million. Kimco Realty Corp. was the eight assets’ previous owner, according to CommercialEdge data.
Located in Wisconsin, Florida, and Missouri, the retail centers feature national and regional retailers including Michael’s, Marshalls, Dick’s Sporting Goods, The Fresh Market and Ross Dress for Less.
Other firms are looking to invest in New Jersey properties as well. In October, a fund managed by DRA Advisors, in conjunction with Soundwater Properties, acquired a three-property, 376,462-square-foot shopping center portfolio in Ocean County, N.J. A ShopRite store anchors each center. Pasbjerg Development Co., the properties’ developer and manager, sold them in a transaction arranged by CBRE.
The portfolio comprises Lacey Mall at 344 US-9 in Lacey Township, Jackson Plaza at 260 N. County Line Road in Jackson Township and Bay Plaza at 860 Fischer Blvd. in Toms River.
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