Pennsylvania Retail Portfolio Trades Hands For $114M

By Andrew McIntyre (July 9, 2021, 3:43 PM EDT) -- A portfolio of five Philadelphia-area retail properties has traded hands for $114.25 million, and the new owner has scored $80.5 million in financing from multiple banks for the deal, according to an announcement on Friday from brokerage firm Jones Lang LaSalle.

Jones Lang LaSalle Inc. helped the seller, Brandolini Cos., complete the disposition of the grocery-anchored properties to a joint venture of Paramount Realty Services Inc. and Medipower Group. The broker also assisted the joint venture in finding financing for the purchase, JLL said Friday.

"We are excited to increase our footprint within the Philadelphia [Metropolitan Statistical Area] and we look...

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