A joint venture between an institutional commingled fund sponsored by Inland Institutional Capital (ICAP) and Charter Realty & Development Corp. has acquired Baederwood Shoppes on the Fairway, a 116,778-square foot grocery-anchored shopping center in Jenkintown, Pa., for $43.3 million.
The seller was not disclosed.
Baederwood Shoppes on the Fairway, located 10 miles north of Philadelphia in the affluent bedroom community of Jenkintown, is 94 percent leased to a variety of internet-resistant tenants, including Whole Foods Market, Planet Fitness, Panera Bread, Le Papillon Hair Salon, Massage Envy, Baederwood Pharmacy, Penn Community Bank and WSFS Bank. Athleta, a premium fitness and lifestyle brand, plans to open at the center in the fall of 2020.
“We are pleased to enter this joint venture acquisition with Charter to purchase this well-positioned, necessity-based retail center, offering a best-in-class anchor in Whole Foods, with opportunities for continued