Pennsylvania Shopping Center Commands $13.6M

Marcus & Millichap arranged the sale of Bensalem Crossing, (top left photo)  a property developed, leased and managed by The Goldberg Group.


BENSALEM, PA– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of Bensalem Crossing, a 67,315-square foot grocery-anchored shopping center developed, leased and managed by The Goldenberg Group.

The center is located at the intersection of Hulmeville Road and Neshaminy Boulevard in Bensalem, which is located in Lower Bucks County. The sales price of $13.6 million represents $202 per square foot or a cap rate of 7.85 percent.

Brad Nathanson, (middle right photo) a vice president investments and senior director in the Philadelphia office of Marcus & Millichap’s National Retail Group, represented the seller, Bensalem Crossing Associates.

Kevin McCrann, a senior associate, and Thomas McConnell, an investment specialist, in the firm’s New Jersey office, represented the buyer, a New Jersey-based private partnership.

“Located in the Delaware Valley, this premier anchored center represents a safe and stable shopping-center investment,” says Nathanson. “Both anchor tenants, Safeway, which is subleased to ShopRite, and CVS possess investment-grade credit ratings and occupy 93 percent of the shopping center.

"We received multiple offers on the asset shortly after taking it to market due to the property’s proximity to Philadelphia and because it was anchored by one of the strongest grocery store operators in the Tri-State Area.

"Historically, ShopRite has the highest sales per square foot within the grocery store sector in Philadelphia. Ultimately, this asset traded at an aggressive cap rate, given the lack of quality assets that have come to market in the past 12 to 18 months.

“Despite challenging market conditions, quality product located strong suburban markets such as Philadelphia are still trading at a premium due to excellent demographics. Savvy investors will likely take advantage of opportunities in 2010 and realize long-term appreciation in assets that simply don’t trade hands too often,” adds Nathanson.

“The sale of this property is a good example how The Goldenberg Group creates long- term value in its shopping centers by developing in superior locations with excellent credit tenants under long-term leases,” says Robert W. Freedman, senior vice president and general counsel of the Goldenberg Group,

The Goldenberg Group will continue to management the center on behalf of the new owners.

Press Contact: Stacey Corso, Communications Department, (925) 953-1716