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|Call for Offers||2022-06-03|
Jones Lang LaSalle Americas, Inc. (“JLL”) has been exclusively retained to offer qualified investors the opportunity to purchase a freestanding, Giant grocery store (the “Property”) located on S. Columbus Boulevard – one of the most sought-after retail corridors in the city of the Philadelphia. Giant is operating in a brand new building, which commenced operations in December. The asset features a long term, 20-year lease with rental increases of approximately 10% every five years, commencing year eleven. The offering also includes a rare, investment grade, corporate guaranty from Koninklijke Ahold Delhaize N. V. (BBB; S&P).
The current state of growth along Columbus Boulevard and the greater Delaware River waterfront is unrivaled. Giant currently caters to a daytime population of 470,000 people within a 3-mile radius. This target audience is expected to grow exponentially as proposed developments along the waterfront continue to progress through the city planning department. Today, there is over $4 billion of investment planned or spent along the Delaware River, highlighted by 855 residential units and nearly 50,000 SF of commercial space that is planned to be developed immediately behind the Giant premises.
- Proximate to Philadelphia's most Desirable Consumer Base
- Direct access for affluent east side neighborhoods including PennSport, Queen Village, Society Hill and Old City. On average, these neighborhoods earn median household incomes above $100,000.
- Aside from the direct east side neighborhoods, Giant will draw consumers from across the city limits, as there is limited big box retail uses for shoppers.
- Long Term Commitment from Market Leading Grocer with Investment Grade, Corporate Guaranty
- Giant And Ahold Delhaize’s Commitment To Capture Philadelphia’s Expanding Consumer Base
- Since 2016, Giant has completed grand openings at four locations throughout the city of Philadelphia, with another five slated to open in 2021-2022. A total of 24 new grocery stores have opened, or plan to open, in Philadelphia since 2016. Giant is responsible for 9 of these, or 38% of the new grocery supply.
- Expanding Consumer Base
- Fueling the ongoing expansion of supermarkets is the unrelenting pipeline of multifamily apartment projects set to deliver upwards of 11,000 new units to Greater Center City in 2021 and 2022, on top of over 18,000 units developed over the course of the previous decade.
- The creation of nearly 30,000 units since 2010 has added density and spending power to Center City and its surrounding areas.
- There are more than 17,000 units officially proposed beyond the 11,000 currently underway. Seeing even a fraction of these materialize will sustain the multifamily boom well into the mid 2020’s.