Sold another commercial property in the three-county region. The Exeter Commons Mall in Exeter, Berks County, was sold to Wharton Realty Group Inc., located in New Jersey.
According to county property records, the 361,095-square-foot Exeter Commons sold for $ 72 million as a result of a deal that closed on March 18.
According to JLL Capital Markets, which represented the seller in the deal, the sale has been underway since December 2021. The property was not put up for sale and was sold “off the market”.
Exeter Commons was completed in 2009 – built on 50 acres of land along Percamean Avenue (Route 422) in Exeter and 99.5% leased, according to JLL. In March, the Mid-Penn Bank branch in Exeter Commons was closed and is now a vacancy in the center.
A mix of tenants, including Giant Company, Lowe’s, Five Guys, Ross, PA Wine & Spirits, Five Below, Petco, Staples, Famous Footwear, America’s Best Contacts, Moe’s Southwest Grill, Red Robin, Supercuts and Mattress Firm, makes up the hub. retail and service providers.
The center is also anchored in the shadow of Target. This parcel belongs to Target and was not part of the mall’s sale.
Wharton Realty Group is headquartered in Itantown, New Jersey. Currently in a portfolio of more than 30 facilities, the company owns more than six million square feet of office and retail space.
Wharton Realty Group did not respond to a request for comment regarding the purchase and the company’s plans regarding the property.
According to JLL, the buyer was attracted to the property by the good work of tenants, in particular – Giant and Lowes.
“Market-dominating scale centers such as Exeter Commons are rarely made available to the market,” said Christopher Manley, JLL’s senior managing director, in a press release announcing the deal’s closure. “Due to the fact that the demand for assets of this nature will never be greater, we fully expect that in the foreseeable future we fully expect to trade in similar products at the highest price.”
According to Colin Berr, senior director of JLL, there is an influx of investors looking to acquire “grocery assets” in suburban Philadelphia. “Exeter Commons is the type of asset that investors are focused on and will be focused on,” he said.