By Lauren Diggs CoStar Research
A pair of institutional investors exchanged a Trader Joe's-anchored retail center in the North Penn Valley borough of North Wales, a suburb of Philadelphia.
Global investment management firm Nuveen Real Estate bought the retail center for an undisclosed price from fellow global investment manager MetLife Investment Management after a seven-year investment hold.
MetLife paid $57 million, or about $552 per square foot, in 2017 when it purchased the 103,029-square-foot Shoppes at English Village at 1460 Bethlehem Pike.
The center was 95% leased at the time of sale. In addition to the anchor tenant Trader Joe's, the center includes several other national retail tenants, including LensCrafters, Athleta, CycleBar, Hallmark, CHOPT and Talbots.
"The Shoppes at English Village perfectly aligns with our grocery-anchored neighborhood strategy and investment criteria. The addition of English Village further diversifies our Northeast exposure and adds yet another premier grocer to the portfolio," said Ryan Boan, U.S. head of retail transactions at Nuveen Real Estate, in a statement announcing the purchase.
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