This week, the Philadelphia Business Journal reported that the shopping center anchored with the Giant Food Market in Blue Bell located at 1750 Dekalb Pike, sold for $29 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:
Katz Properties Retail, a New York real estate company, has purchased the Shops at Blue Bell for $29 million.
The 103,000-square-foot center at 1750 DeKalb Pike in Blue Bell was 98% occupied at the time of its sale with a Giant grocery store serving as its anchor tenant. The center was developed in 1995 and Clairon Partners bought it in 2010. The property was put up for sale in June. Jim Galbally, Colin Behr and Chris Munley of JLL arranged the transaction.
The property fit into Katz’s investment criteria. The company focuses on primary and secondary markets along the East Coast, targets grocery-anchored and other retail centers that exceed 75,000 square feet. In addition, it targets a property that will trade for a minimum of $25 million.
The Shops at Blue Bell ended up having another characteristic that KPR was attracted to. Giant and other Ahold grocery stores are anchors in several other properties the real estate company owns.
“KPR is excited to add another strong performing Giant to our portfolio,” said Eric Wolf of KPR about the owner of Giant and other grocery stores. “We are happy to add another location to our portfolio.”…
Read the full article in the Philadelphia Business Journal here.
Photo: JLL Realty Group