Friday, November 15, 2019

New York Investor Expands Philadelphia Area Retail Presence With $29 Million Acquisition

New York-based Katz Properties Retail has purchased the Shops at Blue Bell in Blue Bell, Pennsylvania, from Clarion Partners for $29 million, or about $280 per square foot.

The 103,580-square-foot center at 1750 DeKalb Pike was built in 1995. The 98% leased property is anchored by a Giant grocery store.

 Headquartered in New York, Clarion Partners originally purchased the property in December 2010.

With this acquisition, Katz Properties Retail now owns four retail properties in the Philadelphia metropolitan area including: Plaza at Bensalem in Bensalem; Red Lion Plaza in Philadelphia; and Richland Marketplace in Quakertown.

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