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Cole Schotz Advises on $25 Million Joint Venture Purchase of Penrose Plaza Shopping Center

July 20, 2015Attorney: Jordan J. Metzger

Cole Schotz P.C. represented New Jersey based real estate investment firm Onyx Equities, LLC in the $25 million purchase of Penrose Plaza Shopping Center in Southwest Philadelphia. This was a joint venture purchase with Pennsylvania based Abrams Realty & Development firm and a New York based hedge fund Siguler Guff & Co. from a Korman Commercial Properties subsidiary.

Among other improvements to the center, the new owners plan to expand and remodel the ShopRite supermarket at the 263,000-square-foot shopping center located in the city’s Eastwick section. 

The deal closed on July 20, 2015. Cole Schotz’s member Jordan J. Metzger was the lead attorney on the case assisted by member Barry Schwartz, member Antonio G. Cammaleri and paralegal, Tom Vogel. 

 

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