CBRE Group, Inc. (CBRE) announced that it has successfully arranged for the sale of Lower Makefield Shopping Center, a 74,953 square-foot property located at 700 Stony Hill Road in Yardley, Bucks County, Pennsylvania.
The CBRE team of Brad Nathanson, Executive Vice President, and John Colussi, Sales Associate, negotiated on behalf of the seller, TriGate Capital, LLC., and identified the buyer, Inland Institutional during the transaction.
The sale comes roughly two and a half years after TriGate Capital purchased the property from PDSI – an affiliate of Public Service Electric and Gas Co. out of Newark, NJ – in a nationalportfolio of seven properties. The other Pennsylvania property TriGate purchased as part of that portfolio – Ephrata Commons – was sold in November 2016.
“We were extremely thrilled by the execution of both our Pennsylvania holdings,” said Paul Sharp, a Senior Vice President at TriGate. “The portfolio purchase in 2014 provided TriGate tremendous value for the Fund, and we’ll look to replicate this success with the remaining properties in the portfolio.”
As the market leader within the tri-state area for retail investment sales, the CBRE retail team, lead by Nathanson, says, “That while public forums and the press have put a negative connotation on retail, investor demand is at its highest among private and institutional owners for necessity-based grocery-anchored neighborhood and community shopping centers, which has remained consistent. With complimentary service-oriented uses to serve the daily needs of its customers that provides a barrier against e-commerce, investors still believe very strongly in these investments in high barrier to entry markets, as recognized by the mass amount of offers received nationally on Lower Makefield Shopping Center.”
The Philadelphia CBRE Retail Team lead by Nathanson within the last 18 months has transacted on 14 shopping center sales with total volume of $525m, of which 10 of those sales had a grocery-component.
In regards to Lower Makefield Shopping Center, Colussi says, “The Yardley-Newtown submarket of Bucks County is one of the wealthiest within the Philadelphia MSA. Commercial properties in submarkets like this rarely trade, providing distinguished demand when assets become available for sale. Lower Makefield Shopping Center, anchored by Giant, the dominant grocery chain in Pennsylvania, was highly sought after given its in-fill location at Stoney Hill Road and superior demographics.”
Lower Makefield Shopping Center is anchored by a GIANT Food Store, which has been at the site since the property was constructed in 1986. Other noteworthy tenants include Rite Aid and First Choice Bank. It shares an intersection with another shopping center anchored by McCaffrey’s Supermarket, providing for the destination retail venue for Yardley.
About TriGate Capital, LLC
TriGate Capital, LLC is a market leading real estate private equity firm focused on recapitalizing and repositioning real estate assets and companies. TriGate: i) acquires real estate assets that are in need of capital or management focus; ii) provides capital for the recapitalization of commercial real estate assets and companies; iii) acquires non-performing commercial real estate loans; and iv) capitalizes platforms with quality operators that are focused on a specific investment strategy. TriGate has purchased over 13 million square feet of properties and has approximately $1.3 billion of capital under management. The firm manages three fully discretionary real estate funds; Funds I and II are fully invested and Fund III is presently in its investment period. http://www.trigatecapital.com/
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2016 revenue). The company has more than 75,000 employees (excluding affiliates), and serves real estate investors and occupiers through approximately 450 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.us.
