Berwyn-based Brandolini has put six of its grocery-anchored shopping centers in the area up for sale in an effort to take advantage of a market that finds these retail properties to be an attractive investment, writes Natalie Kostelni for the Philadelphia Business Journal.
Shopping centers anchored by grocery stores were popular among investors before the pandemic. However, they have become even more so during the outbreak since the stores were considered essential and remained open during mandatory shutdowns.
The centers are expected to sell for around $125 million as a portfolio.
The six properties that have been put on the market are:
- Limerick Crossing in Royersford
- Marketplace at Westtown
- Dreshertown Plaza in Dresher
- Lionville Shopping Center in Exton
- Spring Towne Shopping Center in Sinking Spring
- Hamilton Square in Trenton, N.J.
The grocers that anchor the properties include Giant, Acme, and George’s Market. The portfolio is 90 percent leased.
“Grocery-anchored centers and necessity-based centers have performed well during the pandemic in terms of investment,” said Jim Galbally, who is marketing the portfolio together with Chris Munley and Colin Behr of JLL. “They have been a sweet spot during the pandemic.”
Read more about the shopping centers in the Philadelphia Business Journal by clicking here.
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