Joint venture partners United Hampshire US REIT and MCB Real Estate announced on Friday the acquisition of a shopping center in Lawnside.
“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.,” Robert Schmitt, CEO of the UHREIT, said. “Standing at 100 percent occupancy with a diverse slate of institutional-quality retail tenants providing stable, long-term cashflow, we believe Lawnside Commons is well-positioned for continued long-term strength.”
The 151,076-square-foot Lawnside Commons, located at 310 White Horse Pike, is 100% leased to a variety of national tenants, including Home Depot, PetSmart, Wendy’s, T-Mobile and Sleepy’s Mattress Firm.
“You have to seize on assets with strong tenant quality and growth when you identify them,” noted P. David Bramble, Managing Partner of MCB Real Estate. “MCB is extremely excited about the stability and long-term prospects for Lawnside Commons.”