JLL arranges $29.35 million sale of Giant-anchored retail center in Blue Bell, PA

Shops at Blue Bell, 1760 Dekalb Pike. Route 202, Blue Bell, PA

PHILADELPHIA, PA – JLL announced it has closed the $29.35 million sale of the Shops at Blue Bell, 103,580-square-foot, grocery-anchored neighborhood shopping center in the suburban Philadelphia community of Blue Bell, Pennsylvania.

James Galbally

JLL marketed the property on behalf of the seller, a real estate investment manager managing the sale on behalf of one of its separate account clients. KPR, formerly known as Katz Properties, purchased the asset.

Situated on 11.54 acres at 1760 Dekalb Pike (Route 202), Shops at Blue Bell is in an established retail location in Montgomery County and 15 miles from downtown Philadelphia. 

The property has multiple points of access from local thoroughfares Route 202 and Township Line Road. More than 70,000 residents earning an average annual household income of $111,525 live within a three-mile radius of the property.

 Shops at Blue Bell is anchored by Giant, the top grocer in suburban Philadelphia and Montgomery County. Giant has occupied the center for the past 24 years. Additionally, the 98% leased center is home to a mix of retailers, including Santander, True Value, IHOP, Supercuts and GNC.

Chris Munley

The JLL Retail Capital Markets team representing the seller was led by Senior Managing Director James Galbally, Managing Director Chris Munley and Senior Vice President Colin Behr.

According to a recent JLL Retail Outlook report, second-quarter 2019 net absorption in U.S. shopping centers (i.e., community, neighborhood and strip centers) remained positive at 1.9 million square feet, with the majority coming from neighborhood center demand. 

Additionally, neighborhood centers – like Shops at Blue Bell – are sought after among small retail locales.

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment advisory, debt placement, equity placement or a recapitalization. 

Colin Behr

The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.

For more news, videos and research resources on JLL, please visit the firm’s U.S. media center Web page: U.S. newsroom.

About KPR

With over 15 years of real estate investment experience, KPR has a defined strategy of acquiring retail properties, with a primary focus on grocery-anchored shopping centers and power villages, within well-located East Coast submarkets. 

KPR is a vertically integrated investor with in-house leasing, management and development operations tailored to maximize value through proactive leasing, repositioning and redevelopment of its properties.

Contact: 

Kimberly Steele

 JLL Digital Content/PR Specialist

Phone: +1 713 852 3420

Email: Kimberly.Steele@am.jll.com

kprcenters.com 
jll.com

Newmark Knight Frank Completes 39,043-Square-Foot Industrial Lease for Best Security Industries in South Florida

Hillsboro Technology Center, 550 Hillsboro Technology Drive, Deerfield Beach, FL

Greg Milopoulos

Miami, FL — Newmark Knight Frank (NKF) has announced a 39,043-square-foot headquarter industrial lease at Hillsboro Technology Center in Deerfield Beach, Florida for Best Security Industries (BSI), a privately held retail security company that provides both new and certified pre-owned Electronic Article Surveillance (EAS) technologies for businesses.

 Located at 550 Hillsboro Technology Drive, the Class A industrial facility will serve as BSI’s new address after the company relocates from its Delray Beach location.

Tom Hotz

The landlords, Bristol Group and Butters Realty & Management, coordinated with BSI on a unique office build-out that will allow the company to consolidate several offices into one facility.

 NKF’s Associate Director, Greg Milopoulos represented the tenant. Tom Hotz, JC Conte, Brian Ahearn from Butters Realty represented the landlord.

 “This was a complex deal as the space needed to serve as a distribution facility, as well as a training center for the tenant’s new headquarters in Florida,” said Milopoulos.

 “We were thrilled to find a landlord that would be willing to accommodate BSI’s custom office design plan. Bristol Group had the flexibility and know-how to work with BSI’s requirements, and we were able finalize a lease that positions BSI for future growth and success.”

Totaling nearly 1 million square feet, Hillsboro Technology Center is a state-of-the-art business park in Broward County comprised of industrial, office and hotel space.

JC Conte

Located at a four-way interchange on I-95, the park has set new standards with its contemporary design and sustainable features that include electric vehicle charging stations, tree preservation areas, solar street lights and water efficient landscape and irrigation.

 According to NKF Research, Broward County’s industrial market has seen the most consecutive quarterly demand growth in South Florida since 2010.

Leasing activity has held steady from previous quarters as demand growth picked up during third quarter with over 450,000 square feet absorbed.

With one of the nation’s lowest overall unemployment rates and demand continuing to outpace supply, NKF expects average rents in South Florida to keep growing in the months ahead as new developments come online and will likely push the overall asking rate over the $10.00/SF mark.

Brian Ahearn 

Over 1.4 million square feet of industrial product is currently under construction across the region as an additional 1.5 million square feet of new inventory has been delivered so far in 2019.

CONTACT:

Liz Maddux · Assistant Account Executive

1718 Peachtree St., Suite 1048 · Atlanta, GA 30309

M: 478-972-3210

www.thewilbertgroup.com

 www.ngkf.com.

Berger Commercial Realty Facilitates Sale of Galleria Corporate Centre Office Condominium Unit in Fort Lauderdale, FL

Galleria Corporate Centre, Fort Lauderdale, FL

FORT LAUDERDALE, FL – Berger Commercial Realty/CORFAC International Senior Vice President Judy Dolan recently represented P. Jorgensen Management, LLC in the $410,000 purchase of a 1,722-sq.-ft. office condominium unit at Galleria Corporate Centre, located at 2455 E. Sunrise Blvd. in Fort Lauderdale. 

The unit, suite 805, was sold by Pelican Invest, LLC, represented by Berger Commercial Realty Sales Associate Mary Harris. The deal closed on November 18.

Judy Dolan 

“The buyer was looking for a U.S. headquarters for his Denmark-based business,” Dolan said. “Galleria Corporate Centre was chosen because of its cosmopolitan location in Fort Lauderdale and appeal to out-of-area visitors.”

Located across the street from the famed Galleria Mall, Galleria Corporate Centre is a 12-story, 168,844-sq.-ft. office building featuring high-end interior finishes, onsite property management, covered parking and panoramic views of downtown Fort Lauderdale and the Atlantic Ocean. 

 Mary Harris

The building offers convenient access to A1A and I-95 and proximity to Fort Lauderdale/Hollywood International Airport.

“Mary Harris was selected to represent the seller as a result of her long-standing roots in the community and knowledge of the Fort Lauderdale market,” said Berger Commercial Realty President Lloyd Berger. “They knew that a local commercial agent would most effectively and efficiently facilitate the sale of the office unit.”

Lloyd Berger

The property was under contract in less than 30 days after listing.

“This was a very rare opportunity to purchase an office condo at a below-market price in the highly sought-after downtown Fort Lauderdale market,” Harris said. 

“With Berger Commercial representing both parties in the transaction, we were able to put together an advantageous deal for the both the seller and the buyer, who is now building equity in an investment at virtually the same monthly cost of a lease.”

CONTACT:

Lexi Robinson 

lrobinson@PiersonGrant.com

www.bergercommercial.com.

 www.corfac.com.