Hartford Corners at Route 130 and South Fairview Street in Delran — Courtesy: JLL
By Joshua Burd
Principal Asset Management has sold a nearly 215,000-square-foot retail property in the Burlington County township of Delran, brokers with JLL announced Thursday.
Anchored by ShopRite, a longtime tenant, the property at Route 130 and South Fairview Street is also home to tenants such as Planet Fitness, Five Below, Virtua Health, Five Guys and Mattress Firm, according to a news release. JLL noted that the 214,896-square-foot complex is 95 percent occupied and has a weighted average lease term of 4.1 years, with a weighted average tenure of 13.8 years, helping to fuel interest among prospective investors.
The winning buyer, Haverford Properties Inc., paid an undisclosed price for what’s known as Hartford Corners.
“It was great working with the Principal and Haverford teams throughout the process,” said Jim Galbally, a senior managing director with JLL. “We were fortunate to have Haverford Properties as the buyer for Hartford Corners. They performed exceptionally well throughout the process.”
Galbally worked alongside Senior Managing Director Christopher Munley, Managing Director Colin Behr, Director James Graf and Associate Patrick Higgins, representing the seller and procuring the buyer. JLL Senior Managing Director Jim Cadranell represented Haverford to secure acquisition financing.
“Grocery-anchored shopping centers continue to drive the most demand in the retail asset class,” Behr said. “Hartford Corners highlighted this trend with a competitive process to acquire a best-in-class anchor in ShopRite. Additionally, the center has performed remarkably well over the last 10 years with consistent occupancy at over 90 percent, showcasing the resiliency of the asset class.”
JLL noted that ShopRite has been a tenant for nearly 20 years and has five and a half years remaining on its current lease. In addition, the center is shadow-anchored by Lowe’s.
“Grocery-anchored demand remains robust and growing within the Mid-Atlantic marketplace,” Munley said. “The diversity of new capital looking to enter the asset class and geography, coming from multi-faceted disciplines and sources, is moving the market.”
Cadranell added: “This was a great team effort by JLL to deliver for the seller and borrower as valued repeat clients.”
