International investor pays $52M for Penrose Plaza in South Philadelphia

United Hampshire U.S. Real Estate Investment Trust, a Singaporean real estate firm that invests in grocery-anchored retail centers, paid $52 million for Penrose Plaza, a 258,494-square-foot property in South Philadelphia. 

The sale of Penrose Plaza joins other recently traded grocery-anchored shopping centers. For example, Red Lion Plaza, a roughly 240,000-square-foot shopping center at Red Lion Road and Roosevelt Boulevard in Northeast Philadelphia, sold earlier this month for $56.45 million. 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.

The transactions continue to underscore the demand for well-located, grocery-anchored retail centers located in markets with high barriers to entry. The investment appetite for these properties was on the rise before the pandemic and has gone unabated since. 

*Article courtesy of Philadelphia Business Journal

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