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CBRE Arranges Sale of Walmart-Anchored Retail Center in Pennsylvania
CBRE has completed the sale of MacDade Commons, a 102,071-square-foot shopping center anchored by Walmart located at 50 North MacDade Boulevard in Glenolden, Pennsylvania, a suburb of Philadelphia.
Agree Realty acquired the asset. The CBRE National Retail Partners Mid-Atlantic team of Christopher Munley, Colin Behr, Casey Smith and Ryan Sciullo spearheaded the marketing campaign for the retail complex, represented the seller in the negotiations, and procured the buyer.
“MacDade Commons attracted strong investor interest due to the rare opportunity to acquire a multi-tenant shopping center anchored by Walmart, which accounted for approximately 80% of the income,” Behr said. “The Walmart tenancy was viewed as a highly stable and secure revenue stream, driving both demand and pricing.”
MacDade Commons is a one-stop shopping destination located in the heart of Glenolden. In addition to Walmart, the retail shopping center includes numerous national tenants such as Quest Diagnostics, Verizon, and Work ‘N Gear.
