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Retail center in Philadelphia area sells
Transactions - OCTOBER 14, 2022

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Retail center in Philadelphia area sells

by Released

First National Realty Partners has acquired Richland Market Place, a 266,565-square-foot, retail center in Quakertown, Penn.

JLL Capital Markets represented the seller, KPR. The sales price was not disclosed.

The 89.1 percent occupied Richland Marketplace is anchored by Aldi, PetSmart and BestBuy and junior-anchored by Planet Fitness and Staples. Shadow anchors include BJ’s Wholesale and Target, drawing additional traffic to the center.

Richland Marketplace is on Route 309, a major thoroughfare that offers access to many of Philadelphia’s affluent suburbs. The average household income within a 10-mile radius of the property exceeds $107,000.

“Philadelphia suburban retail markets, and in particular grocery-anchored assets within these markets, have performed exceptionally well over the past few years,” said Christopher Munley, a senior managing director on the JLL Retail Capital Markets Investment Sales and Advisory team, which represented the sel

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