Empire Realty Investments Inc. has bought Bensalem Purchasing Middle, a 109,057-square-foot grocery-anchored retail heart in Bensalem, Penn., a Philadelphia suburb. A personal investor paid $20.1 million for the asset, financing the acquisition with a $15.4 million mortgage from the Financial institution of Princeton, in response to CommercialEdge. JLL Capital Markets represented the vendor.
Empire Realty had bought the property for $8.1 million again in 1989. In 2020, Bensalem Purchasing Middle grew to become topic to a $12.5 million CMBS mortgage originated by LMF Business, with Wilmington Belief as a trustee.
Anchored by Patel Brothers—the most important Indian grocery chain within the U.S.—Bensalem Purchasing Middle contains a numerous mixture of regional and nationwide tenants equivalent to Greenback Common, Eggmania, Advance Auto Elements, Jack’s Chilly Cuts, Sensible Alternative Pharmacy and Limitless PCS, amongst others. The 1972-built property was absolutely leased on the time of sale.
The retail heart occupies some 8.8 acres at 1961 Avenue Highway, in an space the place the each day visitors depend reaches 32,600 autos, in response to JLL. Downtown Philadelphia is roughly 18 miles away.
JLL Senior Managing Director Jim Galbally and Director Patrick Higgins led the Funding and Gross sales Advisory workforce engaged on behalf of Empire Realty.
Philadelphia’s retail scene
In 2024, the Philadelphia retail market skilled sturdy demand, leading to a web occupancy enhance of practically 600,000 sq. ft, in response to a latest CBRE report. Of the full, 480,000 sq. ft pertained to newly constructed house.
In step with nationwide developments, this market confronted challenges as nicely. Nevertheless, the wave of retail store closures and bankruptcies created alternatives for in-demand retailers. Investor curiosity remained robust—particularly for grocery-anchored facilities.
By the tip of final 12 months, roughly 202,000 sq. ft of retail house was beneath development. The emptiness fee clocked in at 7.5 p.c, whereas rents averaged $19.17 per sq. foot, the identical report reveals.
