Positioning Retail Real Estate for a New Generation

February 7, 2019

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Freedom Credit Union Coming Soon to Morrell Plaza in Philadelphia

Financial Institution to Occupy 2,000 Square Feet at Levin-Managed Center

PHILADELPHIA, Pa., Feb. 7, 2019 – Freedom Credit Union has leased 2,000 square feet at Morrell Plaza in Philadelphia, becoming the latest business to join the tenant mix at this 103,250-square foot shopping destination. Located directly on Frankford Avenue/Route 13, Morrell Plaza is exclusively leased and managed by North Plainfield, N.J.-based Levin Management Corporation (LMC).

LMC Senior Leasing Representative Sidney Singer arranged the lease; John C. Shelly of Cushman & Wakefield represented the tenant in the transaction. Freedom Credit Union is a community-based, full-service financial institution that offers a banking alternative to consumers. Anyone who lives, works, worships, performs volunteer service or attends school in Bucks, Chester, Delaware, Montgomery or Philadelphia counties is eligible for membership.

“The presence of a high-volume grocer, exceptional demographics and a visible location – in the retail heart of a busy Northeast Philadelphia neighborhood – makes Morrell Plaza an attractive place to conduct business,” said Singer. “Freedom Credit Union will bring a new retail category for the center, and its presence undoubtedly will enhance Morrell Plaza’s co-tenancy as we continue to expand the property’s retail offerings. We are confident this organization’s professional financial services will be a valuable resource for its members.”

Morrell Plaza is anchored by a 63,000-square-foot, newly renovated ShopRite supermarket and a 12,700-square-foot Rite Aid drugstore. The tenant roster includes a mix of national, regional and local retailers and service providers including T-Mobile, Supercuts, Dunkin', and Yamato Sushi & Hibachi, among others. The property serves a five-mile residential population of more than 399,800 and its daily traffic count exceeds 36,000 vehicles.

Space availabilities at Morrell Plaza range from 1,200 to 6,000 square feet.

For more than 65 years, LMC has served as a trusted single-source commercial real estate services provider for institutional and private owners. The firm today maintains a diversified, retail-focused portfolio of approximately 105 properties totaling 15 million square feet in the Northeast and Mid-Atlantic states, offering leasing, property management, financial management and reporting, construction and development, lease administration, marketing services, and acquisition and disposition consulting services. LMC’s capabilities continue to evolve with new technologies, efficiencies and sustainability-focused initiatives to serve a new generation of properties, investors and tenants.

Read 1529 times Last modified on Friday, 08 February 2019 16:17