The Feil Organization sells One & Olney Square

The Feil Organization, as managing partner of the partnership of Feil, Chera & Goldman, has sold One & Olney Sq., a ShopRite-anchored center to Wharton Realty Group for an undisclosed amount. The 340,000 s/f center is located on 26 acres at 5675 North Front St. in the city's Olney section, one mile north of Roosevelt Blvd. (U.S. Rte. 1), one of the busiest roadways in the city. The project is 85% leased with a combination of national and regional retailers, including Modell's, Conway, and Ashley Stewart. The partnership was represented by James Galbally of JLL. Wharton Realty Group was represented in-house. "One & Olney is a well-positioned, grocery-anchored shopping center with great growth potential in the North Philly market," says Nicholas Forelli, Feil's Director of Retail Leasing. "We had recently finished a major façade upgrade and restructured several anchor tenant leases for long-term occupancy." The center was built in 1986 and acquired by the partnership in 2002. It boasts more than 1,500 parking spaces. Located near such economic drivers as Einstein Healthcare Network, LaSalle University, St. Christopher's Hospital, and Temple University, the center is situated just 20 minutes from Center City and benefits from Northeast Philadelphia's excellent connections to all major transportation arteries. A population of more than 870,000 lives within a five-mile radius, with an average household income of $49,600, Feil stated. This is projected to grow to $57,230 by 2018.