JLL arranges $29.35M sale of Giant-anchored retail center
The retail center is in an established retail location in suburban Philadelphia
PHILADELPHIA, November 20, 2019 – JLL announced today that it has closed the $29.35 million sale of the Shops at Blue Bell, 103,580-square-foot, grocery-anchored neighborhood shopping center in the suburban Philadelphia community of Blue Bell, Pennsylvania.
JLL marketed the property on behalf of the seller, a real estate investment manager managing the sale on behalf of one of its separate account clients. KPR, formerly known as Katz Properties, purchased the asset.
Situated on 11.54 acres at 1760 Dekalb Pike (Route 202), Shops at Blue Bell is in an established retail location in Montgomery County and 15 miles from downtown Philadelphia. The property has multiple points of access from local thoroughfares Route 202 and Township Line Road. More than 70,000 residents earning an average annual household income of $111,525 live within a three-mile radius of the property. Shops at Blue Bell is anchored by Giant, the top grocer in suburban Philadelphia and Montgomery County. Giant has occupied the center for the past 24 years. Additionally, the 98% leased center is home to a mix of retailers, including Santander, True Value, IHOP, Supercuts and GNC.
The JLL Retail Capital Markets team representing the seller was led by Senior Managing Director James Galbally, Managing Director Chris Munley and Senior Vice President Colin Behr.
According to a recent JLL Retail Outlook report, second-quarter 2019 net absorption in U.S. shopping centers (i.e., community, neighborhood and strip centers) remained positive at 1.9 million square feet, with the majority coming from neighborhood center demand. Additionally, neighborhood centers – like Shops at Blue Bell – are sought after among small retail locales.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
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About JLL
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. In doing so, we will build a better tomorrow for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.3 billion, operations in over 80 countries and a global workforce of more than 93,000 as of September 30, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About KPR
With over 15 years of real estate investment experience, KPR has a defined strategy of acquiring retail properties, with a primary focus on grocery-anchored shopping centers and power villages, within well-located East Coast submarkets. KPR is a vertically integrated investor with in-house leasing, management and development operations tailored to maximize value through proactive leasing, repositioning and redevelopment of its properties.
Established in Boston in 2003, KPR has since expanded its footprint in 14 states within the greater New England, New York State, Mid-Atlantic and Southeast submarkets. Its successful track record of strategic acquisitions and dispositions has led us to transactions and trusted partnerships with public REITs, institutions, private equity groups and family offices. Visit kprcenters.com for more information.