It was announced last week that a joint venture between an institutional co-mingled fund sponsored by Inland Institutional Capital, LLC (“ICAP”) and Charter Realty & Development Corp. (“Charter”) acquired Baederwood Shoppes on the Fairway in Jenkintown for $43.3 million.
The shopping center is 116,778-square feet and anchored by Whole Foods Market. It is 94% leases and tenants other than Whole Foods Market are Planet Fitness, Panera Bread, Le Papillon Hair Salon, Massage Envy, Baederwood Pharmacy, Penn Community Bank and WSFS Bank. Athleta, a premium fitness and lifestyle brand, plans to open at the center in the fall of 2020.
“We are pleased to enter this joint venture acquisition with Charter to purchase this well-positioned, necessity-based retail center, offering a best-in-class anchor in Whole Foods, with opportunities for continued tenancy growth,” said George Pandaleon, president of ICAP. “Representing numerous national tenants and with a proven industry track record in upgrading and remerchandising retail assets, Charter is an ideal partner to elevate the center to the next level as a premiere (sic) retail destination for the Jenkintown community.”
“Anchored by nationally respected tenants, Baederwood Shoppes on the Fairway’s tenant mix underscores our belief that infill necessity-based centers continue to benefit from consistent consumer demand and limited online competition,” said Paul Brandes of Charter. “We believe the area’s demographic profile and ideal location, combined with our hands-on, energetic and market driven leasing approach, will drive growth at the center.”