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High Real Estate Buys Philly Retail Center

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JLL Capital Markets brokered the deal for the seller. The post High Real Estate Buys Philly Retail Center appeared first on Commercial Property Executive.

Aerial shot of Suburbia Shopping Center, a 154,219-square-foot retail property in Pottstown, Pa. — The Giant-anchored Suburbia Shopping Center was 85 percent leased at the time of the sale. *Image courtesy of JLL*

An affiliate of High Real Estate Group has purchased Suburbia Shopping Center, a 154,219-square-foot retail property in Pottstown, Pa., from The Gambone Group. The property traded for $23.8 million, according to CommercialEdge data.

To finance the acquisition, the buyer took out a four-year, $17.5 million loan from Rialto Capital Management, the same source shows. JLL Capital Markets arranged the deal on behalf of the seller.

Suburbia Shopping Center came online in 2003. The retail property consists of four single-story buildings across a 25-acre site. Anchored by Giant Food Stores, the tenant roster features Dollar Tree, Starbucks, a UPS Store and Tower Health. The center was 85 percent leased at the time of the sale.

The property at 80 Glocker Way is some 40 miles northwest of central Philadelphia. It serves a population of 67,071 within a 5-mile radius, with an average household income of $110,038, according to JLL. The shopping center is close to Pennsylvania Route 100 and Route 422.

JLL Capital Markets Senior Managing Director Jim Galbally and Director Patrick Higgins led the investment sales and advisory team that worked on behalf of The Gambone Group.

Last month, Galbally and Higgins arranged the sale of another retail property in one of Philadelphia’s suburbs. Empire Realty Investments Inc. sold Bensalem Shopping Center, a 109,057-square-foot grocery-anchored retail center in Bensalem, Pa., for $20.1 million, to a private investor.

The post High Real Estate Buys Philly Retail Center appeared first on Commercial Property Executive.