Levin Negotiates $22 Million Purchase Of Morrell Plaza

By admin • December 7, 2009

The 103,244-Square-Foot Retail Property Has Changed Hands for $22 Million

PHILADELPHIA, Pa, Sept. 30 2009 – Levin Management Corporation has negotiated the acquisition of Morrell Plaza, a 103,244-square-foot shopping center in northeast Philadelphia. Located on Frankford Avenue (U.S. Route 13), where it intersects with Knights Road and Morrell Avenue, the newly renovated and expanded center sold for $22 million, a significant retail real estate transaction in the current market.

“In today’s economy, few transactions of this size are occurring, but this transaction highlights the fact that excellent opportunities still exist,” said Matthew K. Harding, president and chief operating officer of Levin Management Corporation, North Plainfield, N.J.

“Since the beginning of this year, we’ve sifted through a large number of opportunities,” Harding noted. “This one is a well-anchored, prime retail property in a great location, presenting a real value opportunity for the buyer.”

Levin Management worked to structure the deal for the buyers and participated in virtually every aspect of the transaction.

The purchaser of Morrell Plaza was a joint venture partnership that includes Levin Properties. The seller was Midland Development Group, represented in the transaction by Richard Soloff of Colliers Lanard & Axilbund.

Extensively renovated and expanded in 2008, Morrell Plaza is anchored by a 60,726-square-foot ShopRite supermarket and a 12,718-square-foot Rite Aid drugstore. The current tenant roster also includes Blockbuster, T-Mobile, Beneficial Mutual Savings Bank, Supercuts, Allstate Insurance, Jackson Hewitt and Dunkin’ Donuts, as well as several local tenants. The property has a three-mile population of 131,495 with an average household income of $60,880 and a vehicle traffic count of more than 32,000 cars per day.

“With its recent expansion, Morrell Plaza has four vacancies remaining, which our firm is now marketing as part of our ongoing services for our client,” Harding said. “That upside potential was an attractive part of the deal.”

Levin Management currently maintains a growing portfolio of more than 80 diverse retail properties totaling 12.5 million square feet. Properties range from downtown stores to lifestyle centers, and from neighborhood and community centers to power centers in New Jersey, New York, Pennsylvania, Virginia and North Carolina.