FINMARC MANAGEMENT, INC. AND KPR SELL 240,000 SQUARE FOOT RED LION PLAZA IN PHILADELPHIA, PENNSYLVANIA FOR $56.45 MILLION
Posted on: 11/11/2021

Joint venture group acquired asset in 2013 and created value with addition of Burlington, Ross Dress for Less and a nationally recognized grocery store, as well as developing 20,000 square feet of new space

Finmarc Management, Inc., a commercial real estate management and investment firm headquartered in Bethesda, Maryland, together with KPR, a retail estate investment and operating firm based in New York City, have completed the disposition of Red Lion Plaza, a 240,000 square foot power center located in Philadelphia, Pennsylvania for $56.45 million.  Located at 9950 Roosevelt Boulevard, Red Lion Plaza was 97% leased at the time of the sale. Jim Galbally, Chris Munley and Colin Behr of JLL represented Finmarc in this sales transaction. The identity of the buyers is not being disclosed.

Finmarc and KPR formed a joint venture partnership to acquire Red Lion Plaza in 2013. During its ownership period, the group executed a significant value-add strategy that resulted in the addition of Burlington and Ross Dress for Less as anchor tenants in late 2019 and early 2020 respectively. Most recently, the 46,000 square foot formerly occupied by Raymour & Flanigan was released to a national grocery store that plans to open next year. Finmarc and KPR also added two new pad sites on the site totaling 20,000 square feet, and subsequently signed leases with Aspen Dental, Mattress Firm, Panera Bread and Tropical Smoothie Café.

Originally built in 1962, Red Lion Plaza currently features 16 national and local tenants and is anchored by Burlington, Pep Boys Auto, Planet Fitness, Ross Dress for Less, a nationally recognized grocer set to open soon and the Independent Physicians Medical Center. Fronting Roosevelt Boulevard (US Route 1), more than 400,000 consumers reside within a five-mile radius of the center, including more than 80,000 households with an average household income exceeding $82,000. The center is positioned less than three miles from Interstate 95 and, according to Placer.Ai, a market research company that reports on consumer behavior by analyzing visitations in retail stores, the Red Lion Plaza trade area extends nearly 45 square miles and captures a population of nearly 600,000.

Red Lion Plaza is contained within a hyperactive regional retail corridor along US Route 1 that includes major retail centers such as Whitman Square, Northeast Shopping Center, Boulevard Plaza and Court at Grant. More than three million square feet of commercial office space is contained within a three-mile radius, as well as 20 million square feet of industrial/warehouse space, which contributes to a dynamic daytime population.

“The execution of this property improvement, value-add and leasing strategy, followed by the subsequent disposition of Red Lion Plaza highlights the extreme talents and depth of our company’s in-house disciplines,” explained Finmarc’s Co-Founder and Principal David Fink. The new owner acquired a well-maintained and strategically-positioned asset with a nationally-recognized tenant roster that will produce long-term value. Our team intends to remain extremely aggressive in our approach to identify and secure value-add opportunities in various asset classes that meet our exacting criteria.

Finmarc Management, Inc. is a fully integrated commercial real estate company that focuses on real estate investment, management, leasing and development of retail, industrial/flex, and office properties throughout the Mid-Atlantic region. The firm presently owns and manages a portfolio encompassing approximately seven million square feet of commercial properties located in Maryland, Washington, D.C., Virginia, Delaware and Pennsylvania. For additional information visit www.finmarc.com