CBRE announced today that it has successfully arranged for the sale of The Shoppes at English Village, a 103,188 square-foot destination lifestyle center located at 1460 Bethlehem Pike in North Wales, Pennsylvania.
The CBRE team of Brad Nathanson, executive vice president, and John Colussi, sales associate, negotiated on behalf of the seller,Stanbery Development, and identified the buyer, MetLife Real Estate, during the transaction.
Built in 2003 as one of the first lifestyle centers serving affluent Montgomery County within the Philadelphia MSA, The Shoppes at English Village historically has been very successful with high 90 percent average occupancy and a best of class roster tenancy, anchored by a top performing Trader Joes, one of only two locations for the tenant in Montgomery County.
“The past 24 months have been dynamic at the property level with a heavy transformation away from apparel to service oriented retailers that overall drive foot traffic to the property,” said Nathanson.“With the addition of CorePower Yoga, CycleBar, Turning Point, Anthony Vince Nail Spa, Scout & Molly’s and J. Crew Mercantile, the shopping center was refined for an even better shopping experience for its customers.Defining the recent leasing is the most recent signing with Sephora to take the 5,522-square-foot unit immediately next to Trader Joe’s, which should redefine the shopping center for years to come. Ultimately the original developer capitalized on that re-leasing strategy with a national institutional audience that saw the positive attributes of what is a best in class trophy shopping center,” Nathanson added.
The Shoppes at English Village is strategically located on Route 309 with over 48,000 cars per day in North Wales, Pennsylvania and shares a signaled intersection and access road with GwyneddCrossing, a 125,000-square foot shopping center anchored by Staples, Petco, and AMC Theatres under redevelopment, as well as the Addison atEnglish Village, an award-winning, 598-unit apartment complex.
MetLife Real Estate has retained CBRE’s asset services team to manage the property.
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.