By Paul Schwedelson – Reporter, Philadelphia Business Journal
The fully leased Bensalem Shopping Center has been acquired by a local private investor for $20.5 million, according to industry sources.
An entity affiliated with the Popli family purchased the 109,057-square-foot property from Philadelphia-based Empire Realty Investments Inc., sources said. The sale price comes out to $188 per square foot.
The grocery-anchored shopping center is at the intersection of Street Road and Hulmeville Road, in between the Bensalem Township Country Club and Cecelia Snyder Middle School. It sits 15 miles north of Center City Philadelphia.
Bensalem Shopping Center, built in 1972, sits on a 9-acre property at 1903 Street Road and is 100% leased. Grocery chain Patel Brothers anchors the retail center while other tenants include Dollar General, Advance Auto Parts and Unlimited PCS.
Chapman Popli, president of Popli Group LLC, didn't provide a comment on the acquisition. Popli owns First Stop Tobacco Shop, according to business insight website Dun & Bradstreet, and other properties in the Bensalem area. The shop is at 1606 Street Road, less than a half-mile south of the shopping center.
The property has a 6.4% cap rate.
Full story: http://tiny.cc/p64d001
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