Documents
Attributes
Year Built | 2007 |
Building Area Gross |
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Occupancy | 100.0 % |
Call for Offers | 2022-05-04 |
Asset Description
Jones Lang LaSalle Americas, Inc. (“JLL”) is pleased to exclusively offer 4040 City Avenue, a 16,540 square foot, service-oriented in-line strip center located in Philadelphia, Pennsylvania. The 100% occupied Property offers a complimentary national tenant lineup in a premier location with regional access and connectivity within the Philadelphia submarket. Quintessential, best-in-class shadow anchor in Target drives the extended trade radius in this dense, ultra-infill location. The Property offers investors secure, long-term income with +9.4 years of weighted average lease term. Best-in-class fast casual operator Chick-fil-A recently executed a 15-year lease in a 4,440 square-foot in-line suite, underlining the desirability of the Property’s location along a highly trafficked corridor along City Avenue in a super infill location in
Philadelphia. With a population of +934,000 within a 5-mile radius, excellent transportation infrastructure and significant economic demand drivers in the immediate trade radius, 4040 City Avenue offers investors the opportunity to acquire scarce, premier real estate within the densely populated Philadelphia submarket.
Investment Highlights
Highly Synergistic, National Tenant Lineup With Extended Term
- 78% of Property’s Gross Income From National Tenancy Including Chipotle, Chick-fil-A, Verizon, Sleep Number
- 9.4 Years WALT
- Recently Executed 10-Year Lease with Chick-fil-A Underlines Desirability of Property’s Positioning
Quintessential, Best-In-Class Shadow Anchor In Target Superstore
- Dominant Shadow Anchor Located Adjacent to Property Driving Consumers from a Superregional Trade Radius
- 7th Most Visited Target Location in State of Pennsylvania (of 70)
- 93rd Percentile in the United States by Foot Traffic within the Target Chain
Premier In-Fill Location Within Hyperactive Philadelphia Submarket
- 0.1 miles from access to I-76 (142,000 VPD) – the main East/West thoroughfare in Philadelphia
- 0.2 Miles from Proposed Mixed-Use Development (+240 Multifamily Units) at Site of Former Lord & Taylor
- 2.5 miles from Lancaster Avenue/US-30 (27,000 VPD) – the main access point to the Main Line and the greater Philadelphia Suburban area
- Adjacent to the extremely affluent Bala Cynwyd Sub-Market across City Avenue