New York, New York January 15, 2020 – Sky Management Services, LLC is pleased to announce the ground lease acquisition of ACME Markets grocery store located at 309 South 5th Street in the prestigious Society Hill neighborhood of Philadelphia, PA. This rare and irreplaceable location is just three blocks from America’s most historic Square Mile – home to Independence Hall, the Liberty Bell and the National Constitution Center, among other U.S. landmarks.
“We are pleased to complete this acquisition of the ACME ground lease – the property is truly a pride-of-ownership asset within a neighborhood that today boasts the highest average household income and highest real estate values in all of Philadelphia, the sixth largest city in the United States” said David Schultz, Director of Finance / Corporate Counsel at Sky Management.
The property has operated as a successful grocery store for over 50 years with excellent unit-level sales. Originally constructed in 1965 as an A&P Supermarket, the store’s operations were acquired by ACME in 2015 and the store was subsequently rebranded and fully renovated. ACME is the second-largest food and drug retailer in the Delaware Valley and operates as a wholly-owned subsidiary of Albertsons, one of the largest food and drug retailers in the country and third largest company, according to Forbes.
About Sky Management Services, LLC
Sky Management Services, with offices in Philadelphia and in New York City, is a privately funded and managed real estate company which owns and operates a large, diversified portfolio of properties in the United States. As a principal for its own account, Sky is actively acquiring throughout the east coast. To learn more about Sky Management please contact Marc Civitillo or Erich Schwer at 212-888-6920, or visit www.skyrem.com.