Milbrook Properties Acquires Philly-Area Retail Asset
Giant has been anchoring the property for nearly two decades.
Town Center of New Britain. Image courtesy of JLL Capital Markets
Milbrook Properties has acquired Town Center of New Britain, a 124,626-square-foot, grocery-anchored retail center in New Britain, Pa. JLL Capital Markets facilitated the deal on behalf of the seller, Federal Realty Investment Trust.
According to Bucks County public records, the asset traded for $13.2 million and Provident Bank provided a $8.7 million acquisition loan. CommercialEdge data shows that the property previously changed hands for $12.8 million in 2006.
Town Center of New Britain came online in 1990 and underwent renovations last year. Anchored by supermarket Giant—which has been a tenant at the property for nearly two decades—the retail center was 91 percent occupied at the time of sale. Recently, Giant extended its lease for another ten years and expanded into an adjacent vacant space.
The 19.7-acre property comprises a total of 23 stores and 625 parking spaces. Rite Aid, Dollar Tree, Verizon Wireless, Auto Zone, as well as other regional and national retailers are also on the roster.
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Located at 426 Town Center, the property is in a suburban infill retail corridor, at a signalized intersection along U.S. Route 202. Town Center of New Britain serves a population of 99,285 within a 5-mile radius, having an average household income exceeding $137,000.
Senior Managing Directors Christopher Munley and Jim Galbally, along with Managing Director Colin Behr, spearheaded the JLL Retail Capital Markets Investment Sales and Advisory team that acted on behalf of the seller.
Grocery-anchored assets continue to attract investor interest
The presence of a grocer like Giant at the property garnered significant interest from potential buyers, Behr said in a prepared statement. The retail shopping center sector remains a liquid asset class in the market, added Galbally.
Earlier this year, several transactions involving grocery-anchored assets closed in the Philadelphia metro. PREIT sold a Whole Foods Market parcel in Plymouth Meeting, Pa., while a joint venture between Goodman Properties and The Provco Group acquired a 134,980-square-foot shopping center in Warrington, Pa.
In another significant deal, a shopping center totaling 91,000 square feet in Marlton, N.J., changed hands through a 1031 exchange. Paramount Realty Services acquired the asset from its developer.
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