Two grocery-anchored shopping centers recently traded hands, one here, and one in Bensalem, in Bucks County, in two separate transactions. Though not large, the deals are potential signs that the standstill in retail centers trading hands is easing up.
In Allentown, Larken Associates purchased the 230,284-square-foot Tilghman Squarefor $19.4 million. The Hillsborough, NJ-based firm did not reveal the sales price or former owner, but a 2007 article in Construction Today magazine listed the Lamar Cos., of Morristown, NJ, as the owner in 2007.
Anchored by Amelia’s Grocery Outlet, Staples and an AMC Theatre, Tilghman has a total of 36 stores. Smaller tenants include PNC Bank, Wendy’s and Red Robin, in the 96%-leased center.
Further south in Bensalem, Bensalem Crossing Associates sold the 67,315-square-foot Bensalem Crossing to a private entity for $13.6 million, in a deal brokered by Marcus & Millichap. The center, which traded at a 7.85% cap rate, is leased and managed by the Goldstein Group, which will continue to stay on after the transaction. ShopRite and CVS are Bensalem Crossing’s main tenants, occupying 93% of the asset.
Source: Ian Ritter (2010). Two PA Centers Trade Hands in Separate Deals. Globest Published Jan 08, 2010 Viewed Jan 11, 2010, http://www.globest.com/news/1574_1574/philadelphia/182989-1.html?sector=newyork
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