Empire Realty Sells Philly Shopping Center

Empire Realty Investments Inc. has sold Bensalem Shopping Center, a 109,057-square-foot grocery-anchored retail center in Bensalem, Penn., a Philadelphia suburb. A private investor paid $20.1 million for the asset, financing the purchase with a $15.4 million loan from the Bank of Princeton, according to CommercialEdge. JLL Capital Markets represented the seller.

Empire Realty had purchased the property for $8.1 million back in 1989. In 2020, Bensalem Shopping Center became subject to a $12.5 million CMBS loan originated by LMF Commercial, with Wilmington Trust as a trustee.

Anchored by Patel Brothers—the largest Indian grocery chain in the U.S.—Bensalem Shopping Center features a diverse mix of regional and national tenants such as Dollar General, Eggmania, Advance Auto Parts, Jack’s Cold Cuts, Smart Choice Pharmacy and Unlimited PCS, among others. The 1972-built property was fully leased at the time of sale.

The retail center occupies some 8.8 acres at 1961 Street Road, in an area where the daily traffic count reaches 32,600 vehicles, according to JLL. Downtown Philadelphia is roughly 18 miles away.

JLL Senior Managing Director Jim Galbally and Director Patrick Higgins led the Investment and Sales Advisory team working on behalf of Empire Realty.

Philadelphia’s retail scene

In 2024, the Philadelphia retail market experienced robust demand, resulting in a net occupancy increase of nearly 600,000 square feet, according to a recent CBRE report. Of the total, 480,000 square feet pertained to newly constructed space.

In line with national trends, this market faced challenges as well. However, the wave of retail store closures and bankruptcies created opportunities for in-demand retailers. Investor interest remained strong—especially for grocery-anchored centers.

By the end of last year, approximately 202,000 square feet of retail space was under construction. The vacancy rate clocked in at 7.5 percent, while rents averaged $19.17 per square foot, the same report shows.