Eagle Plaza at 700 Haddonfield-Berlin Road in Voorhees — Courtesy: KPR Centers
By Joshua Burd
New York-based KPR Centers has acquired a grocery-anchored retail property in Voorhees for $41.7 million, the firm announced Friday.
In a news release, the company said the 227,333-square-foot center at 700 Haddonfield-Berlin Road is home to 40 retailers and restaurants, including Acme Markets, Ross Dress for Less, Five Below, Chipotle and Ace Pickleball Club. Those tenants and others benefit from a signalized intersection at White Horse Road with five separate access points and combined traffic counts of more than 45,000 vehicles, KPR said, while nearly 240,000 people live within a five-mile radius.
Brad Nathanson and JP Colussi of Marcus & Millichap’s Institutional Property Advisors unit represented both the undisclosed seller and the buyer, which owns and self-manages some 10 million square feet of retail space in 18 states.
“With a cumulative vacancy rate of less than 5 percent nationally in the retail sector, few new shopping centers coming out of the ground and economic sentiment on the upswing nationally, we believe that fundamentals are ideal to acquire well-leased and strategically positioned retail assets,” said Eric Wolf, managing director of KPR Centers. “We’ve been owners in the Philadelphia submarket for many years and recognize the area as among the highest-performing sections of the country, given the sustained population and income growth that continue to occur.
“Eagle Plaza is an institutional-quality asset that provides several opportunities to create substantial value and, given the presence of several additional assets nearby, enables us to further scale operations and improve overall efficiencies.”
Sitting on nearly 25 acres, Eagle Plaza includes free surface parking for more than 1,100 cars, the news release said. Other tenants include Bath & Body Works, Chase Bank, Mattress Warehouse, Sherwin-Williams, T-Mobile and Wine Warehouse, as well as McDonald’s and Wingstop.
The deal, meantime, marks the latest addition to KPR’s national portfolio of shopping centers. The firm this year has also completed acquisitions of a property in Denver and a portfolio in the Midwest and Florida regions.