JLL Capital Markets announced on Thursday it has closed on the $18.25 million sale of and $12.9 million in acquisition financing for Larchmont Common, a 128,172-square-foot, grocery- and gym- anchored retail center in Mount Laurel.
JLL marketed Larchmont on behalf of the seller, Cherry Hill-based RPC Real Estate and Merion Realty Partners. Gorman & Co. LLC purchased the asset. JLL also worked on behalf of the new owner for a 10-year, fixed-rate acquisition loan.
The retail center is currently anchored by ALDI, Planet Fitness and Dollar Tree, and is 88% leased to a mix of “internet-resistant” tenants including Hair Cuttery, The UPS Store and Kumon Learning center. It is located on Route 38 West, within close access to Interstate 295, the New Jersey Turnpike and the Philadelphia CBD.
JLL’s team of Chris Munley, James Galbally and Jose Cruz, senior managing directors, and Colin Behr, senior director, represented the seller. Ryan Ade, senior managing director at JLL, represented the new owner.
“There has been a steady increase in investor demand for Grocery-Anchored product within the Greater Philadelphia marketplace, resulting in correlating cap-rate compression since the start of 2019.” Munley said. “With the steady flow of new capital JLL has witnessed entering the retail investment market, we anticipate that to continue into 2020.”
“The complementary nature of the tenant roster, highlighted by Aldi, Planet Fitness and Dollar Tree, drove both investor interest and pricing during the sales process,” Behr said.
