{"id":1004738262,"date":"2024-11-22T05:21:51","date_gmt":"2024-11-22T13:21:51","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004738262"},"modified":"2024-11-22T05:21:53","modified_gmt":"2024-11-22T13:21:53","slug":"nuveen-buys-philly-area-shopping-center","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/nuveen-buys-philly-area-shopping-center\/","title":{"rendered":"Nuveen Buys Philly-Area Shopping Center"},"content":{"rendered":"\n<p><\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"alignright size-full is-resized\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/11\/1460-Bethlehem-e1732267191615.jpg\"><img loading=\"lazy\" decoding=\"async\" width=\"4853\" height=\"3642\" data-attachment-id=\"1004738266\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/nuveen-buys-philly-area-shopping-center\/1460-bethlehem\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/11\/1460-Bethlehem-e1732267191615.jpg\" data-orig-size=\"4853,3642\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;9&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;L1D-20c&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;1715599073&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;10.26&quot;,&quot;iso&quot;:&quot;100&quot;,&quot;shutter_speed&quot;:&quot;0.0041666666666667&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;1&quot;}\" data-image-title=\"1460 Bethlehem\" data-image-description=\"&lt;p&gt;The Shoppes at English Village. Image courtesy of CBRE&lt;\/p&gt;\n\" data-image-caption=\"&lt;p&gt;The Shoppes at English Village. Image courtesy of CBRE&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/11\/1460-Bethlehem-e1732267191615.jpg?w=1024\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/11\/1460-Bethlehem-e1732267191615.jpg\" alt=\"aerial shot of The Shoppes at English Village in North Wales, Pa. \" class=\"wp-image-1004738266\" style=\"width:400px;height:auto\"\/><\/a><figcaption class=\"wp-element-caption\">The 13-acre Shoppes at English Village comprises three buildings. <em>Image courtesy of CBRE<\/em><\/figcaption><\/figure><\/div>\n\n\n<p>Nuveen Real Estate has purchased The Shoppes at English Village, a 103,325-square-foot retail center in North Wales, Pa. MetLife Investment Management sold the asset in a transaction brokered by CBRE.<\/p>\n\n\n\n<p>MetLife had acquired the retail center back in 2017 from Stanbery Development for $57 million, according to CommercialEdge data. CBRE brokered that transaction as well.<\/p>\n\n\n\n<p>The Shoppes at English Village came online in 2003 on some 13 acres. Anchored by Trader Joe\u2019s, The Shoppes at English Village features a diverse mix of regional and national retailers such as LensCrafters, Sephora, Athleta, Sport Clips, CycleBar, Hallmark, The Good Feet Store and Talbots, among others. <\/p>\n\n\n\n<p>The property also features 5,000 square feet of built-out restaurant space with a Montgomery County Liquor License. The lifestyle center was 95 percent leased at the time of sale.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity has-very-light-gray-to-cyan-bluish-gray-gradient-background has-background is-style-wide\"\/>\n\n\n\n<p><strong>READ ALSO:<\/strong> <a href=\"https:\/\/www.commercialsearch.com\/news\/the-next-star-of-post-pandemic-recovery\/\">Retail\u2019s Post-Pandemic Recovery<\/a><\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity has-very-light-gray-to-cyan-bluish-gray-gradient-background has-background is-style-wide\"\/>\n\n\n\n<p>Located at 1460 Bethlehem Pike, the lifestyle center is in Montgomery County, a well-performing area in the suburban Philadelphia region. More than 50,400 people live within a 3-mile radius; the area has an average household income of some $190,000, according to CBRE brochure.<\/p>\n\n\n\n<p>CBRE Executive Vice Presidents Chris Munley and Ryan Sciullo, Senior Vice President Colin Behr and Vice President Casey Benson Smith, together with Associates RJ Mirabile and Michael Pascavis, brokered the transaction on behalf of the seller. In addition, Director Adam Spengler and Vice Chair Tom Traynor secured the financing for Nuveen.<\/p>\n\n\n\n<p>Another CBRE team recently arranged <a href=\"https:\/\/www.commercialsearch.com\/news\/nuveen-sjc-ventures-get-69m-for-miami-retail-project\/\">a $69.4 million construction loan<\/a> for Nuveen and SJC Ventures. The partners are developing an 83,329-square-foot shopping center in Doral, Fla.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-philly-sees-positive-net-absorption-first-time-this-year\">Philly sees positive net absorption first time this year<\/h2>\n\n\n\n<p>Greater Philadelphia&#8217;s retail market recorded a positive net absorption for the first time this year, according to a recent third-quarter CBRE report. Grocery-anchored and experiential retail continue to drive demand in the area, with the metro recording approximately 357,000 square feet of retail space under construction.<\/p>\n\n\n\n<p>The market is facing limited options for quality retail space, but also experiences renewed activity due to the bankruptcies and <a href=\"https:\/\/www.commercialsearch.com\/news\/behind-retailers-store-shuttering-strategy\/\\\">store closures<\/a> that plagued Big Lots and LL Flooring. The vacancy rate in the metro clocked in at 7.4 percent at the end of September.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>MetLife had acquired the property in 2017 for $57 million.<\/p>\n","protected":false},"author":3014,"featured_media":1004738266,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21783,11,21742,1494,21749],"tags":[32789,44078,43901],"class_list":["post-1004738262","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investment","category-midatlantic","category-latest","category-philadelphia","category-retail","tag-cbre","tag-metlife-investment-management","tag-nuveen-real-estate"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Nuveen Buys Philly-Area Shopping Center - Commercial Property Executive<\/title>\n<meta name=\"description\" content=\"Nuveen Real Estate purchased The Shoppes at English Village, a retail center in North Wales, Pa., from MetLife Investment Management.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/nuveen-buys-philly-area-shopping-center\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Nuveen Buys Philly-Area Shopping Center\" \/>\n<meta property=\"og:description\" content=\"Nuveen Real Estate purchased The Shoppes at English Village, a retail center in North Wales, Pa., from MetLife Investment Management.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/nuveen-buys-philly-area-shopping-center\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2024-11-22T13:21:51+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-11-22T13:21:53+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/11\/1460-Bethlehem-e1732267191615.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"4853\" \/>\n\t<meta property=\"og:image:height\" content=\"3642\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Diana Firtea\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/nuveen-buys-philly-area-shopping-center\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/nuveen-buys-philly-area-shopping-center\/\",\"name\":\"Nuveen Buys Philly-Area Shopping Center - Commercial Property Executive\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/nuveen-buys-philly-area-shopping-center\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/nuveen-buys-philly-area-shopping-center\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/11\/1460-Bethlehem-e1732267191615.jpg\",\"datePublished\":\"2024-11-22T13:21:51+00:00\",\"dateModified\":\"2024-11-22T13:21:53+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/a0c04b9de1387474e28c9ebdb0444e59\"},\"description\":\"Nuveen Real Estate purchased The Shoppes at English Village, a retail center in North Wales, Pa., from MetLife Investment Management.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/nuveen-buys-philly-area-shopping-center\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.commercialsearch.com\/news\/nuveen-buys-philly-area-shopping-center\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/nuveen-buys-philly-area-shopping-center\/#primaryimage\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/11\/1460-Bethlehem-e1732267191615.jpg\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/11\/1460-Bethlehem-e1732267191615.jpg\",\"width\":4853,\"height\":3642,\"caption\":\"The Shoppes at English Village. 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