Inland Institutional Capital (ICAP) and Charter Realty & Development have acquired a 116,778-square foot grocery-anchored shopping center called Baederwood Shoppes in Jenkintown, Pennsylvania, for a sum of $43.3 million.

The acquisition was done by the joint venture of an institutional co-mingled fund sponsored by ICAP, a real estate portfolio investment and asset management services provider, and Charter Realty & Development, a commercial real estate acquisition, development, and leasing company.

Baederwood Shoppes, which was built on the Fairway, is situated 10 miles north of Philadelphia in the bedroom community of Jenkintown. The shopping center in Jenkintown is 94% leased to a range of internet-resistant tenants such as Whole Foods Market, Planet Fitness, Massage Envy, Baederwood Pharmacy, Panera Bread, Le Papillon Hair Salon, WSFS Bank, and Penn Community Bank.

A fitness and lifestyle brand called Athleta intends to open at Baederwood Shoppes in the fall of this year.

George Pandaleon – president of ICAP said: “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.

“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 retail destination for the Jenkintown community.”

Built at 1537-1659 Fairway Valley Road, Baederwood Shoppes is located in a highly trafficked retail corridor that counts over 39,000 vehicles per day and draws 126,000 plus residents within a three-mile radius.

A newly planned apartment development with 244 units, which is directly behind the shopping center is also expected to bring in more consumers and give substantial capital improvements to it.

Paul Brandes of Charter Realty & Development said: “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.

“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.”

  Charter Realty & Development, George Pandaleon, Inland Institutional Capital, Jenkintown, Paul Brandes, Pennsylvania, Whole Foods Market