City Heart of New Britain. Picture courtesy of JLL Capital Markets
Milbrook Properties has acquired City Heart of New Britain, a 124,626-square-foot, grocery-anchored retail middle in New Britain, Pa. JLL Capital Markets facilitated the deal on behalf of the vendor, Federal Realty Funding Belief.
In accordance with Bucks County public information, the asset traded for $13.2 million and Provident Financial institution offered a $8.7 million acquisition mortgage. CommercialEdge information exhibits that the property beforehand modified arms for $12.8 million in 2006.
City Heart of New Britain got here on-line in 1990 and underwent renovations final yr. Anchored by grocery store Large—which has been a tenant on the property for practically 20 years—the retail middle was 91 p.c occupied on the time of sale. Lately, Large prolonged its lease for one more ten years and expanded into an adjoining vacant house.
The 19.7-acre property contains a complete of 23 shops and 625 parking areas. Ceremony Assist, Greenback Tree, Verizon Wi-fi, Auto Zone, in addition to different regional and nationwide retailers are additionally on the roster.
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Positioned at 426 City Heart, the property is in a suburban infill retail hall, at a signalized intersection alongside U.S. Route 202. City Heart of New Britain serves a inhabitants of 99,285 inside a 5-mile radius, having a median family revenue exceeding $137,000.
Senior Managing Administrators Christopher Munley and Jim Galbally, together with Managing Director Colin Behr, spearheaded the JLL Retail Capital Markets Funding Gross sales and Advisory group that acted on behalf of the vendor.
Grocery-anchored belongings proceed to draw investor curiosity
The presence of a grocer like Large on the property garnered important curiosity from potential patrons, Behr stated in a ready assertion. The retail purchasing middle sector stays a liquid asset class available in the market, added Galbally.
Earlier this yr, a number of transactions involving grocery-anchored belongings closed within the Philadelphia metro. PREIT bought a Complete Meals Market parcel in Plymouth Assembly, Pa., whereas a three way partnership between Goodman Properties and The Provco Group acquired a 134,980-square-foot purchasing middle in Warrington, Pa.
In one other important deal, a shopping mall totaling 91,000 sq. ft in Marlton, N.J., modified arms by way of a 1031 trade. Paramount Realty Providers acquired the asset from its developer.
