November 20, 2019 – JLL announced today that it has closed the $29.1 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.
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.
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.