Iconic Regional Shopping Center Anchored by Walmart Sold by Institutional Property Advisors
PHILADELPHIA, Aug. 23, 2021 – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced today the sale of Northeast Tower Center, a 500,000-square-foot regional shopping center located at 4600 Roosevelt Boulevard in Philadelphia, Pennsylvania. Paramount Realty Services, a fully integrated shopping center company with over 12 million square feet under management and ownership, was the seller in the transaction. The center is located within the city limits of Philadelphia on 12-lane Roosevelt Boulevard, which has traffic counts in excess of 93,000 cars per day. Constructed in 1996 as the retail destination serving Lower Northeast and North Philadelphia, Northeast Tower Center is anchored by Walmart and Home Depot.
“Northeast Tower Center benefits from best-in-class tenancy and is one of the most heavily visited centers in the greater metro area, with over six million visits over the past year,” commented Brad Nathanson, IPA senior managing director.
“In addition to the strong anchors, Northeast Tower has a powerful lineup that includes Old Navy, Ross, DD’s Discount, PetSmart, Pep Boys, and Dollar Tree,” Nathanson continued. “Northeast Tower Center is a generational opportunity to control 30 acres on Roosevelt Boulevard, in a prime location in Philly, the sixth-largest city in the United States with an economy lead by education and healthcare.”
“Investor sentiment for best-of-class shopping centers is thriving, given their resiliency during the pandemic and strong rebound post-COVID,” concluded Nathanson. “Retailers faced the challenges of the last 18 months and came out stronger, boosting investor confidence in retail.” Sean Beuche, license No. RM424190 is Marcus & Millichap’s broker of record in Pennsylvania.
About Institutional Property Advisors (IPA)
Institutional Property Advisors (IPA) is a division of Marcus & Millichap (NYSE: MMI), a leading commercial real estate services firm in North America. IPA’s combination of real estate investment and capital markets expertise, industry-leading technology, and acclaimed research offer customized solutions for the acquisition, disposition and financing of institutional properties and portfolios. For more information, please visit www.institutionalpropertyadvisors.com