{"id":1004750192,"date":"2025-03-11T02:30:11","date_gmt":"2025-03-11T10:30:11","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004750192"},"modified":"2025-03-11T02:37:46","modified_gmt":"2025-03-11T10:37:46","slug":"empire-realty-sells-philly-shopping-center","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/empire-realty-sells-philly-shopping-center\/","title":{"rendered":"Empire Realty Sells Philly Shopping Center"},"content":{"rendered":"\n<p>Empire Realty Investments Inc. has sold Bensalem Shopping Center, a 109,057-square-foot grocery-anchored retail center in Bensalem, Penn., a Philadelphia suburb. A private investor paid $20.1 million for the asset, financing the purchase with a $15.4 million loan from the Bank of Princeton, according to CommercialEdge. JLL Capital Markets represented the seller.<\/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\/2025\/03\/Bensalem-Shopping-Center-e1741627785136.jpg\"><img loading=\"lazy\" decoding=\"async\" width=\"1185\" height=\"889\" data-attachment-id=\"1004750193\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/empire-realty-sells-philly-shopping-center\/bensalem-shopping-center\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/03\/Bensalem-Shopping-Center-e1741627785136.jpg\" data-orig-size=\"1185,889\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;1&quot;}\" data-image-title=\"Bensalem Shopping Center\" data-image-description=\"&lt;p&gt;Bensalem Shopping Center. Image courtesy of JLL Capital Markets&lt;\/p&gt;\n\" data-image-caption=\"&lt;p&gt;Bensalem Shopping Center. Image courtesy of JLL Capital Markets&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/03\/Bensalem-Shopping-Center-e1741627785136.jpg?w=1024\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/03\/Bensalem-Shopping-Center-e1741627785136.jpg\" alt=\"Aerial shot of Bensalem Shopping Center in Bensalem, Penn.\" class=\"wp-image-1004750193\" style=\"width:400px\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/03\/Bensalem-Shopping-Center-e1741627785136.jpg 1185w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/03\/Bensalem-Shopping-Center-e1741627785136.jpg?resize=300,225 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/03\/Bensalem-Shopping-Center-e1741627785136.jpg?resize=768,576 768w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/03\/Bensalem-Shopping-Center-e1741627785136.jpg?resize=1024,768 1024w\" sizes=\"auto, (max-width: 1185px) 100vw, 1185px\" \/><\/a><figcaption class=\"wp-element-caption\">Bensalem Shopping Center occupies some 8.8 acres along a strong retail corridor.<em> Image courtesy of JLL Capital Markets<\/em><\/figcaption><\/figure><\/div>\n\n\n<p>Empire Realty had purchased the property for $8.1 million back in 1989. In 2020, Bensalem Shopping Center became subject to a $12.5 million CMBS loan originated by LMF Commercial, with Wilmington Trust as a trustee.<\/p>\n\n\n\n<p>Anchored by Patel Brothers\u2014the largest Indian grocery chain in the U.S.\u2014Bensalem Shopping Center features a diverse mix of regional and national tenants such as Dollar General, Eggmania, Advance Auto Parts, Jack\u2019s Cold Cuts, Smart Choice Pharmacy and Unlimited PCS, among others. The 1972-built property was fully leased at the time of sale.<\/p>\n\n\n\n<p>The retail center occupies some 8.8 acres at 1961 Street Road, in an area where the daily traffic count reaches 32,600 vehicles, according to JLL. Downtown Philadelphia is roughly 18 miles away.<\/p>\n\n\n\n<p>JLL Senior Managing Director Jim Galbally and Director Patrick Higgins led the Investment and Sales Advisory team working on behalf of Empire Realty.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-philadelphia-s-retail-scene\">Philadelphia\u2019s retail scene<\/h2>\n\n\n\n<p>In 2024, the Philadelphia retail market experienced robust demand, resulting in a net occupancy increase of nearly 600,000 square feet, according to a recent CBRE report. Of the total, 480,000 square feet pertained to newly constructed space.<\/p>\n\n\n\n<p>In line with national trends, this market faced challenges as well. However, the wave of <a href=\"https:\/\/www.commercialsearch.com\/news\/behind-retailers-store-shuttering-strategy\/\">retail store closures<\/a> and bankruptcies created opportunities for in-demand retailers. Investor interest remained strong\u2014especially for grocery-anchored centers.<\/p>\n\n\n\n<p>By the end of last year, approximately 202,000 square feet of retail space was under construction. The vacancy rate clocked in at 7.5 percent, while rents averaged $19.17 per square foot, the same report shows.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>This grocery-anchored property previously traded in 1989.<\/p>\n","protected":false},"author":3014,"featured_media":1004750193,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21783,21742,10,1494,21749],"tags":[35826,48647,32796,52383],"class_list":["post-1004750192","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investment","category-latest","category-northeast","category-philadelphia","category-retail","tag-cmbs","tag-jim-galbally","tag-jll","tag-wilmington-trust"],"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>Empire Realty Sells Philly Shopping Center - 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