RW Capital Partners has sold off the final part of the Ridge Plaza shopping center, just ahead of schedule and at a tidy profit.
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The real estate firm bought the plaza at 451 W. Ridge Pike in Royersford in 2015 and planned to hold it for 10 years. However, RW Capital is getting out ahead, and at a combined $12.5M sales price, it is making about 60% more than it paid for the retail center, according to the Philadelphia Business Journal.
As of this month, RW Capital has sold off the 1.2-acre, Wawa-anchored site in full via sales to four separate buyers. Managing Partner Robert Whalen Jr. told PBJ that now was the right time to sell, as he thinks interest rates could continue to rise, making deals more difficult.
“Maybe on the short end of the curve they will [decline],” Whalen said. “We see them going up on the longer end of the curve.”
An unnamed local lighting business bought the 26K SF retail strip for $5.8M, and an unnamed New York family bought the 6K SF Wawa property for $3.5M. Phoenixville Federal Bank bought its pad site for $2.4M and restaurant El Limon bought its site for $800K.
The group also snagged two new tenants, Trulieve and Healing Energies. Both companies signed 10-year leases with annual rent increases. Other tenants include Piazza Presto Restaurant and Ivy Rehab for Kids.
RW Capital typically splits its focus between 75% grocery-anchored shopping centers and 25% distressed properties, Whalen told PBJ. The plaza was a sort of in-between property for the group’s usual holdings, since Wawa anchors it as a convenience store.
Marcus & Millichap brokers Derrick Dougherty, Scott Woodard and Colin Reder represented RW Capital as the seller and procured the buyer for the Wawa property.
Premium Realty Group’s Linda Cheng represented the buyer of the retail strip.
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