Cushman & Wakefield of New Jersey Orchestrates Sale to New York Life
June 17, 2014 (Newswire) - Bradford Plaza, a 161,000-square-foot community shopping center, has traded for $37.5 million, in a sale orchestrated by commercial real estate services firm Cushman & Wakefield's Metropolitan Area Capital Markets Group. New York Life purchased the grocery-anchored asset.
Cushman & Wakefield's Karen Iman and Gary Gabriel, based in the firm's Philadelphia and East Rutherford, New Jersey, offices, respectively, headed the assignment.
"Retail properties - especially those with supermarket anchors - continue to be a highly sought-after investment type in our region," Iman said. "Chester County, located just outside of Philadelphia, has the highest average household income in the State of Pennsylvania, making any asset that comes online here a prime target. In the case of Bradford Plaza, we had a substantial amount of interest from a range of potential buyers, including private entities, fund operators and REITs."
Located on 22 acres at 700 Downington Pike, Bradford Plaza serves as home to Giant Foods, the leading grocer in Chester County. Its tenant mix consists of national, regional, and local retailers also including Petco, Walgreens and a Giant fuel station. The property is 88 percent occupied and also has a 4,300-square-foot proposed pad site for future development.
"New York Life will be able to capitalize on the property's minimal near-term lease expirations and the opportunity to immediately increase cash flow by executing a strategic leasing plan for the remaining vacancy," Gabriel said. "Bradford Plaza is well positioned to draw tenants. The five-mile radius surrounding the property boasts superior demographics with a growing population of over 100,000 people and an average household income exceeding $115,000."