Friday, June 13, 2014

New York Life Acquires Bradford Plaza

by John Jordan Globest. com
New York Life Real Estate Investors reports it has acquired the nearly 161,000-square-foot Bradford Plaza shopping center here.
The property, located at 700 Downingtown Pike, is anchored by a Giant Foods store. Other major tenants at the property include WalgreensDollar TreePetco and a Giant fuel station. Bradford Plaza also includes a proposed 4,300 square foot pad site. The property is currently 89% leased to 18 tenants. No financial terms of the transaction were released.
New York Life Real Estate Investors is a division of New York Life Investments and NYL Investors, LLC, wholly-owned subsidiaries of New York Life Insurance Co.
“Bradford Plaza is representative of New York Life Real Estate Investors’ strategy to pursue high quality shopping centers anchored by the dominant grocer in the respective market,” says Kevin Smith, managing director, New York Life Real Estate Investors.
“With a very strong performing Giant Foods combined with Walgreens, Petco, Dollar Tree and the Giant fuel station, the center offers good upside potential by leasing the vacant space, as well as the pad site,” he adds.

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