Shopping Strip
9th Street Marketplace
901 W Girard Ave, Philadelphia, PA 19123
Listing Price: $11,400,000
Investment Overview
Institutional Property Advisors a division of Marcus & Millichap exclusively offers 9th Street Marketplace, a 2-building, 41,886 square foot shopping center located less than two miles north of Center City Philadelphia. 9th Street Marketplace presents a strategic value add, development or owner/operator investment opportunity at the junction of some of the highest growth neighborhoods in the city. Constructed in 2014, the property features two +/- 21,000 square foot buildings on a CMX-3 zoned, 2.41 acre parcel with a 126 space parking lot.
The first building is a strip center anchored by AutoZone (S&P: BBB) on a brand new 10-year lease.
The second building was originally constructed for Bottom Dollar, a 66-unit grocery chain that was owned by Delhaize America (parent company to supermarkets such as Giant, Stop & Shop, Food Lion, Hannaford, etc). In 2015, Bottom Dollar was sold to Aldi, a German based grocer and the parent company of Trader Joes, with over 12,000 stores in 18 countries. BBB+ investment grade lease. Aldi never occupied as they had an existing store already in the market. The value-add opportunity with Aldi having over 9 remaining years of term presents a unique opportunity for an owner/user or developer to approach Aldi for a buyout to redevelop or re-tenant that space. Or, given the dark anchor, for an investor to achieve an exceptional yield on an income stream that is nearly 70% comprised of credit tenants.
9th Street Marketplace
Investment Highlights
- 41,886 square foot shopping center on a 2.41 acre parcel with 126 parking spaces in the heart of North Philadelphia, just minutes from Center City
- Two separate buildings built in 2014; a 20,678 sf essential services strip anchored by AutoZone (S&P BBB) and a 21,208 sf building with a dark Aldi (with investment grade Delhaize S&P: BBB+ guarantee)
- Approximately 70% of the income of the center comes from Aldi and AutoZone, with approximately 9 years WALT remaining
- Incredibly unique, low risk redevelopment opportunity whereby an investor can wait out the remaining term of the Aldi lease, or structure a buyout with the tenant
- The site boasts CMX-3 zoning, is within walking distance to major public transportation options, surrounded by thousands of new apartment units and just half a mile south of Temple University
- Positioned on Girard Avenue 15,225 VPD, a major roadway connecting East and West Center City Philadelphia, at the junction of Spring Garden, North Broad, Northern Liberties, and Francisville—four of the city's most sought-after neighborhoods.
Exclusively Listed By
Listing Price: $11,400,000
Investment Highlights
- 41,886 square foot shopping center on a 2.41 acre parcel with 126 parking spaces in the heart of North Philadelphia, just minutes from Center City
- Two separate buildings built in 2014; a 20,678 sf essential services strip anchored by AutoZone (S&P BBB) and a 21,208 sf building with a dark Aldi (with investment grade Delhaize S&P: BBB+ guarantee)
- Approximately 70% of the income of the center comes from Aldi and AutoZone, with approximately 9 years WALT remaining
- Incredibly unique, low risk redevelopment opportunity whereby an investor can wait out the remaining term of the Aldi lease, or structure a buyout with the tenant
- The site boasts CMX-3 zoning, is within walking distance to major public transportation options, surrounded by thousands of new apartment units and just half a mile south of Temple University
- Positioned on Girard Avenue 15,225 VPD, a major roadway connecting East and West Center City Philadelphia, at the junction of Spring Garden, North Broad, Northern Liberties, and Francisville—four of the city's most sought-after neighborhoods.
Investment Overview
Institutional Property Advisors a division of Marcus & Millichap exclusively offers 9th Street Marketplace, a 2-building, 41,886 square foot shopping center located less than two miles north of Center City Philadelphia. 9th Street Marketplace presents a strategic value add, development or owner/operator investment opportunity at the junction of some of the highest growth neighborhoods in the city. Constructed in 2014, the property features two +/- 21,000 square foot buildings on a CMX-3 zoned, 2.41 acre parcel with a 126 space parking lot. The first building is a strip center anchored by AutoZone (S&P: BBB) on a brand new 10-year lease. The second building was originally constructed for Bottom Dollar, a 66-unit grocery chain that was owned by Delhaize America (parent company to supermarkets such as Giant, Stop & Shop, Food Lion, Hannaford, etc). In 2015, Bottom Dollar was sold to Aldi, a German based grocer and the parent company of Trader Joes, with over 12,000 stores in 18 countries. BBB+ investment grade lease. Aldi never occupied as they had an existing store already in the market. The value-add opportunity with Aldi having over 9 remaining years of term presents a unique opportunity for an owner/user or developer to approach Aldi for a buyout to redevelop or re-tenant that space. Or, given the dark anchor, for an investor to achieve an exceptional yield on an income stream that is nearly 70% comprised of credit tenants.
Exclusively Listed By
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