New York-based Katz Properties Retail has paid $29 million for the Shops at Blue Bell, writes Natalie Kostelni for the Philadelphia Business Journal.
At the time of the sale, the 103,000-square-foot center was 98 percent occupied. The center was developed in 1995 and purchased by Clairon Partners nine years ago. It was put up for sale in June.
The property, which is anchored by a Giant grocery store, fits Katz’s investment criteria.
The real estate company primarily focuses on primary and secondary markets along the East Coast and mostly targets retail centers that are grocery-anchored and exceed 75,000 square feet. It also targets properties that trade above $25 million.
As a bonus, the Shops at Blue Bell is anchored by the same grocery store that is featured in several other properties owned by Katz.
“KPR is excited to add another strong performing Giant to our portfolio,” said Eric Wolf of KPR. “We are happy to add another location to our portfolio.”
The newly-acquired property had one vacancy when it was purchased, which has since been filled by True Value Hardware store.
Read more about Shops at Blue Bell at the Philadelphia Business Journal by clicking here.