HFF announces sale of grocery-anchored shopping center in suburban Philadelphia
PHILADELPHIA, PA – November 9, 2017 – Holliday Fenoglio Fowler, L.P. (HFF) announces the sale of Gilbertsville Shopping Center, an 85,576-square-foot, grocery-anchored shopping center located in Gilbertsville, an affluent Philadelphia suburban community within Montgomery County, Pennsylvania.
The HFF team marketed the property on behalf of the seller, Brixmor Property Group. The Westover Companies purchased the asset on an all cash basis.
Gilbertsville Shopping Center is anchored by Weis Markets, which has been a tenant since the center was constructed in 1976. The 95.6-percent-leased center is also home to Anytime Fitness, T-Mobile, Pet Valu, Dairy Queen, National Auto Stores, Great Clips, Quest Diagnosis, Key Bank and Fine Wine & Good Spirits. The center is at 1050 East Philadelphia Avenue (Route 73).
The HFF team representing the seller included managing director Chris Munley, director Michael DiCosimo and senior managing director Jose Cruz.
“The Gilbertsville Shopping Center has been a successful asset since its development due to its market positioning and Weis grocery anchor,” Munley said. “Grocery-anchored retail in the Philadelphia suburban markets continues to price aggressively, and Gilbertsville was no exception with multiple competitive offers throughout the marketing process.”
“Gilbertsville is a strong suburban market with access to multiple employment hubs,” DiCosimo added. “Weis is ideally positioned within the local marketplace, which has enabled it to be a successful store and enhance the property’s ability to attract and retain tenants.”
About Brixmor Property Group
Brixmor Property Group, a real estate investment trust (REIT), is a leading owner and operator of high-quality, open-air shopping centers. The company's more than 500 retail centers comprise 85 million square feet in established trade areas across the nation and are supported by a diverse mix of highly productive non-discretionary and value-oriented retailers, as well as consumer-oriented service providers. Brixmor is committed to maximizing the value of its portfolio by prioritizing investments, cultivating relationships and capitalizing on embedded growth opportunities through driving rents, increasing occupancy and pursuing value-enhancing reinvestment opportunities. Headquartered in New York City, Brixmor is a partner to more than 5,500 best-in-class national, regional and local tenants and is the largest landlord to The TJX Companies and The Kroger Company. For more information, visit brixmor.com.
About The Westover Companies
Founded in 1965, The Westover Companies have provided quality living, shopping, and office space for our customers for 50 years. The Westover Companies are dedicated to providing residents with comfortable and affordable choices in apartment living. Headquartered in King of Prussia, Westover has grown to include nearly 12,000 apartments in over 60 communities in the Philadelphia suburbs, South Jersey, Delaware and Maryland. The firm also manages one million square feet of commercial and retail space in eight shopping centers and 11 office buildings in the Philadelphia area. Visit westovercompanies.com for more information.
HFF and its affiliates operate out of 24 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform including debt placement, investment advisory, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. HFF, HFF Real Estate Limited, HFF Securities L.P. and HFF Securities Limited are owned by HFF, Inc. (NYSE: HF). For more information, please visit hfflp.com or follow HFF on Twitter @HFF.