Yesterday the Philadelphia Business Journal reported that the shopping center anchored with the Giant Food Market in Blue Bell located at 1750 Dekalb Pike, is on the market for an estimated $35 million.
The Shops at Blue Bell has 103,000 square feet and in addition to the Giant, there is a hardware store, a hair salon, a bank and a restaurant. The Philadelphia Business Journal goes on to report that:
…Institutional and other real estate investors continue to seek out grocery-anchored properties because of their stability, liquidity and a perception that they are Internet-proof. These type of shopping centers generally provide services and goods that consumers typically seek out in a brick-and-mortar environment rather than online…
The Shops at Blue Bell has competition in this immediate area of Montgomery County. For example, just down the road at the intersection of routes 202 and 73, Madison Development Group recently built Centre Square Commons, a 110,000-square-foot retail center. An Aldi is the anchor there and Starbucks, Zoës Kitchen, Anthony’s Coal Fired Pizza, and a Wine and Spirits store are among the other tenants. In addition there’s the Center Square Plaza that has PetValu as an anchor and Center Square Shopping Center where Kohl’s is located.
Read the full article in the Philadelphia Business Journal here.
Photo: JLL Realty Group