Hartford Corners, a 214,896-square-foot, ShopRite-anchored retail center located in Delran, has been sold, according to a Thursday statement from JLL Capital Markets, which arranged the sale and financing.
JLL represented Principal Asset Management as the seller in the transaction and procured the buyer, Haverford Properties Inc. JLL also represented the new owner to secure the loan.
The property’s ShopRite features a tenure of 19.5 years, with 5.5 years in term remaining.
In addition to ShopRite, the property’s tenant lineup offers a variety of uses, including medical, food and beverage, fitness, services and discount retailers. Notable tenants include Planet Fitness, Five Below, Virtua Health, Five Guys and Mattress Firm. Hartford Corners is 95% occupied. In addition, the center is shadow anchored by Lowe’s.
The JLL Retail Capital Markets Investment Sales and Advisory team that represented the seller was led by Senior Managing Directors Jim Galbally and Christopher Munley, Managing Director Colin Behr, Director James Graf and associate Patrick Higgins. Senior Managing Director Jim Cadranell led the JLL Retail Capital Markets Debt Advisory team.
“It was great working with the Principal and Haverford teams throughout the process. We were fortunate to have Haverford Properties as the buyer for Hartford Corners. They performed exceptionally well throughout the process,” Galbally said.
“Grocery-anchored shopping centers continue to drive the most demand in the retail asset class. 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%, showcasing the resiliency of the asset class,” Behr stated.
“Grocery-anchored demand remains robust and growing within the mid-Atlantic marketplace. The diversity of new capital looking to enter the asset class and geography, coming from multifaceted disciplines and sources, is moving the market,” Munley said.
“This was a great team effort by JLL to deliver for the seller and borrower as valued repeat clients,” Cadranell said.
