By CoStar Research
As big-ticket items involving sizable investments, commercial property transactions often have a wider impact within the local community. CoStar is pleased to recognize the following top deals completed during the first quarter in their respective markets.
TOP SALE: The Point at Berwyn, 400 W. Swedesford Road, Berwyn, PA
Sale Price: $96,500,000
Sale Date: February 25, 2025
Size: 295,648 SF
Buyer: Pantzer Properties, New York, NY
Seller: The Bozzuto Group, Greenbelt, MD
Deal Commentary: This 250-unit Berwyn apartment complex, built in 2023, traded to New York-based Pantzer Properties in a top first-quarter deal. The property has since been renamed The Point at Berwyn.
TOP SALE: Apartments at Glenmoore, 900 Selwyn Place, Glenmoore, PA
Sale Price: $58,000,000
Sale Date: February 19, 2025
Size: 284,792 SF
Buyer: Berger Communities, Wayne, PA
Seller: FPA Multifamily, San Francisco, CA
Deal Commentary: FPA Multifamily, a San Francisco-based private equity firm that had owned this 216-unit apartment complex in Glenmoore, Pennsylvania, since 2018, sold the garden-style community to a local firm, Berger Communities, for $58 million in the first quarter.
TOP SALE: Exton Square Mall, 260 Exton Square Parkway, Exton, PA
Sale Price: $34,250,000
Sale Date: March 18, 2025
Size: 992,071 SF
Buyer: Abrams Realty & Development, Elkins Park, PA
Seller: PREIT, Philadelphia, PA
Deal Commentary: Pennsylvania Real Estate Investment Trust finally parted with the nearly one million-square-foot Exton Square Mall in Exton, Pennsylvania, after putting the troubled, half-empty property back on the market following an effort to redevelop it into a mixed-use property. The buyer, Abrams Realty and Development, plans to demolish most of the 52-year-old mall and redevelop the area into over 600 apartments and townhomes with shops, entertainment, offices and other uses.
TOP SALE: 1235 Easton Road, Bethlehem, PA
Sale Price: $30,000,000
Sale Date: January 15, 2025
Size: 44,500 SF
Buyer: J. B. Hunt, Lowell, AR
Seller: J.G. Petrucci Co., Asbury, NJ
Deal Commentary: In another first-quarter deal, J.G. Petrucci Co., Inc. sold the 44,500 square foot industrial building to one of the current tenants.
TOP SALE: Barrington Mews, 2101 Reamer Drive, Barrington, NJ
Sale Price: Not disclosed
Sale Date: March 25, 2025
Size: 214,861.64 SF
Buyer: Axial Partners, Lakewood, NJ
Seller: A.A.H. Management Company, Voorhees, NJ
Deal Commentary: Axial Partners picked up this 284-unit senior housing complex in a first-quarter deal after its affordable-income restriction was lifted in 2024, and the New Jersey Housing and Mortgage Finance Agency restrictions expired in early 2025. Formerly City Horizon Group, Axial Partners is a real estate investment firm that acquired its first duplex in 2016 and has since acquired numerous apartment properties.
TOP SALE: Village Center, 2301-2389 Pasqualone Blvd., Bensalem, PA
Sale Price: $28,925,000
Sale Date: March 10, 2025
Size: 117,205 SF
Buyer: ShopOne Centers REIT, New York, NY and Pantheon, London, UK
Seller: Gaetano T. Barone, New Hope, PA
Deal Commentary: ShopOne Centers REIT Inc. and its joint venture partner Pantheon continued to add to their shopping center portfolio with the first-quarter acquisition of two open-air retail shopping centers in Pennsylvania, Goodnoe’s Corner in Newtown, and Village Center in Bensalem. Anchored by an Acme grocery store, Village Center is positioned along major commuter routes within Bucks County. It has proven to be a resilient, long-term asset, according to a statement issued by the buyers.
TOP SALE: 350 Guthrie Road, King of Prussia, PA
Sale Price: $27,436,898
Sale Date: February 6, 2025
Size: 258,581 SF
Buyer: Legend Senior Living, Wichita, KS and Welltower, Inc., Toledo, OH
Seller: Anthology Senior Living, Denver, CO
Deal Commentary: Colorado-based Anthology Senior Living sold this 190-unit senior housing complex to its joint venture partners in a top first-quarter deal. The price worked out to $144,405 per unit. Built in 2021, the 11-story facility includes a mix of independent living, assisted living, and memory care units. Following the sale, the building was renamed Revelle King of Prussia.
TOP SALE: 2709 Commerce Way, Philadelphia, PA
Sale Price: $27,200,000
Sale Date: March 19, 2025
Size: 159,265 SF
Buyer: Cabot Properties, Boston, MA
Seller: Almo, Philadelphia, PA
Deal Commentary: Almo Corp. is one of the largest U.S. distributors of appliances, consumer electronics, professional audio/video equipment and housewares. It supplies a wide range of retailers, integrators, resellers, and e-tailers nationwide. In the first quarter, it executed a sale-leaseback of its flex building in Philadelphia with Cabot Properties.
TOP SALE: Fairless Hills Shopping Center, 500-524 Lincoln Hwy., Fairless Hills, PA
Sale Price: $23,600,000
Sale Date: January 3, 2025
Size: 189,998 SF
Buyer: Ocean State Job Lot, North Kingstown, RI
Seller: The Klein Group, Florham Park, NJ
Deal Commentary: After nearly a decade of ownership, The Klein Group divested the Fairless Hills shopping center to discount closeout retail chain Ocean State Job Lot. With a $23,600,600 price point, the new owner plans to join the current occupants at some point and fill the space available at the center.
TOP SALE: Bensalem Shopping Center, 1903-1969 Street Road, Bensalem, PA
Sale Price: $20,100,000
Sale Date: February 27, 2025
Size: 109,057 SF
Buyer: Chaman Popli, Newtown, PA
Seller: Empire Realty Investments, Philadelphia, PA
Deal Commentary: The fully occupied Bensalem Shopping Center, located at the intersection of Street and Hulmeville roads in a prime retail corridor 15 miles north of Center City Philadelphia, traded hands in a first-quarter deal amid robust demand for grocery-anchored retail centers. The fully leased center is anchored by Patel Brothers, the largest Indian grocery chain in the U.S.
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