June 23, 2017
CBRE Brokers Sale of Lower Makefield Shopping Center in Yardley, Pennsylvania
Yardley, PA – June 23, 2017 – CBRE Group, Inc. (CBRE) announced that it has successfully arranged for the sale of Lower Makefield Shopping Center, a 74,953 square-foot property located at 700 Stony Hill Road in Yardley, Bucks County, Pennsylvania.
The CBRE team of Brad Nathanson, Executive Vice President, and John Colussi, Sales Associate, negotiated on behalf of the seller, TriGate Capital, LLC., and identified the buyer, Inland Institutional during the transaction.
The sale comes roughly two and a half years after TriGate Capital purchased the property from PDSI – an affiliate of Public Service Electric and Gas Co. out of Newark, NJ – in a national portfolio of seven properties. The other Pennsylvania property TriGate purchased as part of that portfolio – Ephrata Commons – was sold in November 2016.
“We were extremely thrilled by the execution of both our Pennsylvania holdings,” said Paul Sharp, a Senior Vice President at TriGate. “The portfolio purchase in 2014 provided TriGate tremendous value for the Fund, and we’ll look to replicate this success with the remaining properties in the portfolio.”
As the market leader within the tri-state area for retail investment sales, the CBRE retail team, lead by Nathanson, says, “That while public forums and the press have put a negative connotation on retail, investor demand is at its highest among private and institutional owners for necessity-based grocery-anchored neighborhood and community shopping centers, which has remained consistent. With complimentary service-oriented uses to serve the daily needs of its customers that provides a barrier against e-commerce, investors still believe very strongly in these investments in high barrier to entry markets, as recognized by the mass amount of offers received nationally on Lower Makefield Shopping Center.”
The Philadelphia CBRE Retail Team lead by Nathanson within the last 18 months has transacted on 14 shopping center sales with total volume of $525m, of which 10 of those sales had a grocery-component.
In regards to Lower Makefield Shopping Center, Colussi says, “The Yardley-Newtown submarket of Bucks County is one of the wealthiest within the Philadelphia MSA. Commercial properties in submarkets like this rarely trade, providing distinguished demand when assets become available for sale. Lower Makefield Shopping Center, anchored by Giant, the dominant grocery chain in Pennsylvania, was highly sought after given its in-fill location at Stoney Hill Road and superior demographics.”
Lower Makefield Shopping Center is anchored by a GIANT Food Store, which has been at the site since the property was constructed in 1986. Other noteworthy tenants include Rite Aid and First Choice Bank. It shares an intersection with another shopping center anchored by McCaffrey’s Supermarket, providing for the destination retail venue for Yardley.