Nuveen Buys Philly-Area Shopping Center
MetLife had acquired the property in 2017 for $57 million.
Nuveen Real Estate has purchased The Shoppes at English Village, a 103,325-square-foot retail center in North Wales, Pa. MetLife Investment Management sold the asset in a transaction brokered by CBRE.
MetLife had acquired the retail center back in 2017 from Stanbery Development for $57 million, according to CommercialEdge data. CBRE brokered that transaction as well.
The Shoppes at English Village came online in 2003 on some 13 acres. Anchored by Trader Joe’s, The Shoppes at English Village features a diverse mix of regional and national retailers such as LensCrafters, Sephora, Athleta, Sport Clips, CycleBar, Hallmark, The Good Feet Store and Talbots, among others.
The property also features 5,000 square feet of built-out restaurant space with a Montgomery County Liquor License. The lifestyle center was 95 percent leased at the time of sale.
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Located at 1460 Bethlehem Pike, the lifestyle center is in Montgomery County, a well-performing area in the suburban Philadelphia region. More than 50,400 people live within a 3-mile radius; the area has an average household income of some $190,000, according to CBRE brochure.
CBRE Executive Vice Presidents Chris Munley and Ryan Sciullo, Senior Vice President Colin Behr and Vice President Casey Benson Smith, together with Associates RJ Mirabile and Michael Pascavis, brokered the transaction on behalf of the seller. In addition, Director Adam Spengler and Vice Chair Tom Traynor secured the financing for Nuveen.
Another CBRE team recently arranged a $69.4 million construction loan for Nuveen and SJC Ventures. The partners are developing an 83,329-square-foot shopping center in Doral, Fla.
Philly sees positive net absorption first time this year
Greater Philadelphia’s retail market recorded a positive net absorption for the first time this year, according to a recent third-quarter CBRE report. Grocery-anchored and experiential retail continue to drive demand in the area, with the metro recording approximately 357,000 square feet of retail space under construction.
The market is facing limited options for quality retail space, but also experiences renewed activity due to the bankruptcies and store closures that plagued Big Lots and LL Flooring. The vacancy rate in the metro clocked in at 7.4 percent at the end of September.
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