A joint venture between Charter Realty & Development Corp. and an open-end institutional fund sponsored by Inland Institutional Capital has acquired Baederwood Shoppes on the Fairway, a 116,778-square-foot Whole Foods-anchored retail center in the suburban Philadelphia community of Abington, Penn.
JLL Capital Markets marketed the property on behalf of institutional clients managed by Barings.
“Baederwood has provided strong risk-adjusted returns for our clients during our ownership period and the sale of the asset will allow us to redeploy capital within our clients’ current investment strategies,” said John Ockerbloom, head of U.S. real estate equity for Barings.
Baederwood Shoppes on the Fairway is 94 percent leased to a variety of internet-resistant tenants, including anchor Whole Foods Market, Planet Fitness, Panera Bread, Le Papillon Hair Salon, Massage Envy, Baederwood Pharmacy, Penn Community Bank and WSFS Bank. Situated on 10.4 acres at 1537-
