Haverford Retail acquires three neighborhood centers
Haverford Retail Partners, an active acquirer of grocery-anchored centers with a base in Bryn Mawr, Pa., has added three new ones to its portfolio.
JLL Capital Markets represented the seller, Site Centers, in the $126 million sale to Haverford of Southmont Plaza in Easton, Pa.; Stow Community Shopping Center in Stow, Ohio, and East Hanover Plaza in East Hanover, N.J.
The three properties total nearly 770,000 square feet of gross leasable area and maintain an aggregate occupancy rate of 99% across 46.8 acres of prime retail real estate.
The largest center at 250,939 square feet is Southmont, which is anchored by Dick’s Sporting Goods and Best Buy, with Lowe’s serving as a shadow anchor. Other tenants include Ross Dress for Less, Barnes & Noble, Staples, Michaels, Texas Roadhouse, and Panera Bread.
Southmont benefits from 28,800 daily vehicle counts and serves a trade area population of 137,000 residents within five miles. JLL reported that it is the second-biggest retail draw in its community, with some 3.5 million visits annually.
The 418,587-sq.-ft. Stow Community Shopping Center is anchored by Giant Eagle, the market's dominant grocer with a 33.5% market share in the Akron metro, according to JLL. Kent State University, with more than 34,000 students, is three miles from the center.
Stow’s tenant mix includes Kohl's, Hobby Lobby, TJ Maxx, HomeGoods and various service-oriented retailers, with Target serving as a shadow anchor. Annual visits are top 5 million per year.
The 98,020-sq.-ft. East Hanover Plaza serves an affluent population in northern New Jersey, not far from New York City. Three TJX brands — HomeSense, HomeGoods, and Sierra — occupy nearly 70% of the property.
It is 100% occupied and benefits from shadow anchors Costco and Target along New Jersey Route 10, which carries average day traffic counts of more than 35,000 people.
"We're seeing continued strength in the retail investment market, particularly for well-located properties with national tenant rosters and stable cash flows," noted JLL senior managing director Jose Cruz.
