Broad Street Realty Sells Philly-Area Retail Center
The asset previously traded in 2013 for $9.4 million.
Aerial view of Dekalb Plaza in East Norriton, Pa. Image courtesy of JLL
Abrams Realty & Development has purchased Dekalb Plaza, a 178,356-square-foot open-air retail property in East Norriton, Pa., for $23.1 million. JLL Capital Markets negotiated on behalf of the seller, Broad Street Realty, which picked up the property in 2013 for $9.4 million, according to CommercialEdge data.
Dekalb Plaza came online in 1977 on a 20-acre lot. Anchored by Big Lots and Urban Air, the retail center has a diverse mix of tenants such as Goodwill, Sally Beauty, Celebree School and Chick-Fil-A, among others. The property was 98 percent leased at the time of sale; since 2020, new commitments, extensions and renewals at the location totaled more than 96,000 square feet.
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Located at 2640-2714 Dekalb Pike, the property is at the intersection of West Germantown Pike and Dekalb Pike, close to U.S. Route 202 and Interstate 476. The location is 21 miles from Philadelphia’s Center City and 27 miles from Philadelphia International Airport, in an area where the traffic count reaches some 22,000 vehicles per day. The retail center serves more than 178,600 people living within a 5-mile radius and having an average income of $135,391 per household.
Earlier retail deals near Philly
JLL Retail Capital Markets team of Managing Director Colin Behr and Director James Graf, together with Senior Managing Directors Christopher Munley and James Galbally, negotiated on behalf of Broad Street Realty. Behr, Munley and Galbally also assisted Federal Realty Investments Trust in the sale of a 124,626-square-foot retail center in New Britain, Pa.
Despite the current economic conditions, the JLL team closed nearly $215 million in retail deals during the first half of 2023, Galbally said in prepared remarks. In one of the transactions, Goodman Properties, in partnership with The Provco Group, picked up a 134,980-square-foot, grocery-anchored shopping center in Warrington, Pa.
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