ShopRite-anchored shopping center in Delaware trades

PHILADELPHIA, Nov. 1, 2023 – JLL Capital Markets announced today that it has closed the sale of Christina Crossing, a 119,446-square-foot, ShopRite-anchored shopping center in Wilmington, Delaware.

JLL represented the seller, DRA and KPR, and First National Realty Properties acquired the asset.

The JLL Capital Markets Sales Advisory team was led by Senior Managing Directors Christopher Munley, Jim Galbally and Chris Angelone, Managing Director Colin Behr, Directors James Graf and Zach Nitsche and Associate Patrick Higgins, along with Managing Director Blaise Fletcher.

“Christina Crossing represented a scarce opportunity to acquire a best-in-class, grocery-anchored shopping center in the heart of immediate and long-term residential and commercial growth through the Riverfront East master-planned development,” said Behr.

“It was a privilege to work with the teams at DRA, KPR and FNRP through the sales process and completion of this transaction. Through a challenging capital markets environment, the respective team members remained consummate professionals and executed flawlessly,” said Munley.

“Despite the challenging interest rate environment, grocery-anchored retail continues to be one of the most liquid asset classes within commercial real estate. We expect this trend to continue as investor demand remains strong, and retail fundamentals continue to outperform,” said Galbally.

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

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DRA Advisors LLC is a New York-based registered investment advisor with approximately 95 employees specializing in real estate investment management services for institutional and private investors, including pension funds, university endowments, sovereign wealth funds, foundations, and insurance companies. Since DRA was founded in 1986, the firm has opened additional offices in Miami and San Francisco while acquiring approximately $39 billion of real estate. The acquisitions include 93 million square feet of industrial, 65 million square feet of office, 87 million square feet of retail and 85,000 multifamily units. As of June 30, 2023, DRA has $13.6 billion in gross assets under management. http://draadvisors.com

KPR Centers has a defined strategy of acquiring retail and industrial properties within select markets that offer a compelling opportunity to create value. KPR Centers is a vertically integrated investor with in-house retail leasing, management and development operations tailored to maximize value through proactive leasing, repositioning, and redevelopment of its properties. Established in 2003, KPR Centers has since expanded its footprint in 15 states within the greater New England, New York State, Mid-Atlantic, and Southeast submarkets. For additional information, visit www.kprcenters.com

FNRP provides accredited investors with access to institutional quality commercial real estate assets specializing in necessity-based real estate: grocery-anchored retail, multi-family, and industrial and sourcing opportunities both on and off-market nationwide. From acquisition to disposition, FNRP oversees the entire investment lifecycle 100% in-house, leveraging top talent in legal, acquisitions, leasing, and other key areas. For more information, visit www.fnrpusa.com.