Red Lion Plaza in Northeast Philadelphia sells for $56M to New York investor
By Natalie Kostelni – Reporter, Philadelphia Business Journal
Nov 11, 2021, 12:48pm EST
Red Lion Plaza, a roughly 240,000-square-foot shopping center at Red Lion Road and Roosevelt Boulevard in Northeast Philadelphia, has been sold for $56.45 million.
Finmarc Management Inc. and KPR sold the center. The buyer was affiliated with the Propp family from New York. The center at 9950 Roosevelt Blvd. was 97% occupied at the time of the sale.
The Finmarc-KPR venture bought Red Lion Plaza in 2013 for roughly $32 million. At the time, it was smaller at 229,204 square feet and 95% occupied with such retailers as Best Buy, Staples and Planet Fitness, which remain tenants.
The center, built in 1962, underwent several upgrades during the Finmarc ownership and new tenants were brought in. Burlington and Ross Dress for Less were added in late 2019 and early 2020, and a national grocery believed to be Amazon Fresh has signed on to lease a 43,825-square-foot store once occupied by Raymour & Flanigan. It is expected to open next year.
Two new pad sites were also developed that created nearly 20,000 square feet of additional space now leased to Aspen Dental, Mattress Firm, Panera Bread and Tropical Smoothie Café.
Red Lion Plaza is located in a retail corridor with several other centers including Whitman Square, Northeast Shopping Center, Boulevard Plaza and Court at Grant. The trade area extends nearly 45 square miles and captures a population of close to 600,000.
Earlier this year, Blackstone, a New York investment firm, paid $78 million for Northeast Tower Center, a 301,208-square-foot retail property at 4640 Roosevelt Blvd. in Northeast Philadelphia. It is anchored by a 119,388-square-foot Walmart and counts Staples, Ross Dress for Less and Old Navy among its other tenants. The entire center totals around 500,000 square feet but the transaction did not include a Home Depot, Pep Boys and Raymour & Flanigan, which are all tenants but separately own their respective spaces.
https://www.bizjournals.com/philadelphia...I7W5_8WFE4w1XrsyWCzjlB2u50sOfDAMH9pdIgJ4