JLL closes sale of Buck’s County Grocery-anchored retail center
The fully leased center is anchored by high-performing Redner’s grocery store
PHILADELPHIA, September 9, 2019 – JLL announced today that it has closed the sale of Bensalem Square, a 70,378-square-foot, grocery-anchored retail center in the Philadelphia-area community of Bensalem, Pennsylvania.
JLL marketed the property on behalf of the seller, Brixmor Property Group. LS Property Investment purchased the asset.
Bensalem Square is fully occupied by a roster of mostly e-commerce-resistant regional restaurant, service and medical tenants anchored by a high-performing Redner’s Markets grocery store. Situated on 12.25 acres at 2506 Knights Road, the center is within a major retail corridor and proximate to the Philadelphia border. Bensalem Square is positioned within the highly populated Bucks County market, which boasts a population of nearly 18,500 residents within a one-mile radius and more than 109,000 within a three-mile radius of the property.
“This is the fifth commercial shopping enter for us at LS Property Investments and the third retail center anchored by a Redner’s Markets,” said CEO Suresh Kagithapu, who purchased the center along with major partner Harish Koya and investment partners Srinivas Adda, Siva Pola, Eswara Janjanam and Nagasekhar Anumalasetty. “Bensalem Square is an excellent addition to our investment portfolio that also includes the Sinking Spring Shopping Center near Reading, Cherry Square Shopping Center near Allentown and the Stowe Crossing Stripmall near Pottstown.”
The JLL Capital Markets team representing the seller was led by Managing Director Chris Munley, Managing Director James Galbally and Senior Vice President Colin Behr.
“Infill, grocery-anchored retail continues to be in-demand within the asset class,” Munley said. “We have seen our offer counts increase across the board for all retail product in 2019, with a significant spike within this category specifically. The positive net increase in investor interest is indicative of where current pricing metrics are coming in.”
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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Deal secured by Holliday Fenoglio Fowler LP (“HFF”) prior to being acquired by JLL on July 1, 2019. Co-brokerage services provided by Jones Lang LaSalle Americas, Inc.
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 nearly 92,000 as of June 30, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com
About Brixmor Property Group
Brixmor (NYSE: BRX) is a real estate investment trust (REIT) that owns and operates a high-quality, national portfolio of open-air shopping centers. Its 422 retail centers comprise approximately 73 million square feet of prime retail space in established trade areas. The company strives to own and operate shopping centers that reflect Brixmor's vision "to be the center of the communities we serve" and are home to a diverse mix of thriving national, regional and local retailers. Brixmor is a proud real estate partner to more than 5,000 retailers including The TJX Companies, The Kroger Co., Publix Super Markets, Wal-Mart, Ross Stores and L.A. Fitness. For more information, visit brixmor.com.