Lawnside Commons at 310 White Horse Pike in Lawnside — Courtesy: Cushman & Wakefield
(Editor’s note: This story was updated on May 8 with additional information and quotes from United Hampshire US REIT and MCB Real Estate.)
By Joshua Burd
A joint venture has acquired a 151,000-square-foot shopping center in Camden County, under a newly completed transaction by Cushman & Wakefield.
Brokers with the firm represented an undisclosed institutional seller in the sale of Lawnside Commons, a Home Depot-anchored property at 310 White Horse Pike in Lawnside. The investment team of MCB and United Hampshire US REIT purchased the complex for $31.55 million.
“Lawnside Commons is supported by affluent demographics and a densely populated trade area with a population of 286,000 people within a five-mile radius,” said Brian Whitmer, a member of C&W’s East Rutherford-based capital markets team. “Currently 100 percent leased to a seasoned lineup of longtime national tenants, this asset presented an incredible opportunity to acquire a best-in-class retail property just eight miles from Philadelphia.”
Whitmer completed the sale alongside Andrew Merin, David Bernhaut, Gary Gabriel, Kyle Schmidt and Max Helfman, along with Karen Iman and Keith Braccia of the firm’s Philadelphia office. They touted the property’s roster of national tenants, including PetSmart, Wendy’s, T-Mobile and Mattress Firm, along with its proximity to Interstate 295 and the NJ Turnpike.
“The United Hampshire US REIT seeks to provide the unique opportunity to gain exposure to a distinctive portfolio of high quality, resilient and stable income-producing grocery-anchored and necessity-based properties strategically located throughout the U.S.,” said Robert Schmitt, CEO the UHREIT. “Standing at 100 percent occupancy with a diverse slate of institutional-quality retail tenants providing stable, long-term cash flow, we believe Lawnside Commons is well-positioned for continued long-term strength.”
United Hampshire US REIT is a real estate investment trust listed on the Singapore Exchange. Sponsored by The Hampshire Cos. and United Overseas Bank Global Capital, UHREIT provides Singapore investors with the opportunity to invest in income properties throughout the United States.
“You have to seize on assets with strong tenant quality and growth when you identify them,” said P. David Bramble, Managing Partner of MCB Real Estate. “MCB is extremely excited about the stability and long-term prospects for Lawnside Commons.”
