Sale of grocery-anchored retail center in Philadelphia MSA closes
JLL Capital Markets arranged the sale of the 124,262-square-foot Town Center of New Britain
Philadelphia, Feb. 28, 2023 – JLL Capital Markets announced today that it has closed the sale of the 124,626-square-foot, grocery-anchored retail center located in New Britain, Bucks County, Pennsylvania within the Philadelphia MSA.
JLL represented the seller, Federal Realty Investment Trust, and Milbrook Properties Ltd acquired the asset.
Built in 1990 and renovated in 2022, the 91-percent-occupied Town Center of New Britain is anchored by Giant, the dominant regional grocer in Bucks County. With nearly 20 years year of existing tenure already, Giant recently executed a 10-year extension in conjunction with a store expansion into an adjacent vacancy. Giant is complimented by strong co-tenancy including Rite Aid, Dollar Tree, Verizon Wireless, Auto Zone and many other regional and national tenants.
Situated at 426 Town Center at a signalized intersection along the highly trafficked Route 202, the property is set in an ideal suburban infill and affluent location within the Philadelphia MSA, featuring 23 stores and 625 parking spaces. Within a five-mile radius of the property is a population of over 99,285 and average household income of over $137,000.
The JLL Retail Capital Markets Investment Sales and Advisory team that represented the seller was led by Senior Managing Directors Christopher Munley and Jim Galbally and Managing Director Colin Behr.
“It was a pleasure to work on this assignment with first class organizations in Federal Realty and Milbrook Properties. The collaborative and professional nature of both teams allowed for an exceptionally well executed transactional process,” stated Munley.
“This continues to highlight the attractiveness of the shopping center sector. With a best-in-class grocer in Giant, this asset drew a lot of attention from the market,” stated Behr.
“Well-positioned retail shopping centers continue to be the one of the most liquid asset classes within commercial real estate. We expect this trend to continue as investor demand remains exceptionally strong and retail fundamentals continue to outperform,” stated Galbally.
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 and sales advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
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JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $19.4 billion, operations in over 80 countries and a global workforce of more than 102,000 as of September 30, 2022. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Milbrook Properties Ltd
Milbrook Properties LTD (www.milbrookproperties.com), is a fourth-generation family owned and operated real estate management, acquisition and development company. Over the past 85+ years Milbrook Properties has acquired and managed a diverse portfolio of investment properties to included Multi Family, Mix Use, Retail and Office. Currently Milbrook Properties owns 60 properties in the Northeast Region as well as Florida. The makeup of our portfolio consists of approximately 1600 residential units and 35 commercial properties with an estimated 3,6250,000 square feet of leasable commercial space. Milbrook Properties holds a majority interest in the assets within the portfolio as well as being responsible for all aspects of property and operational management.