Brixmor Property Group has sold Bensalem Square, a 70,378-square-foot, grocery-anchored retail center in the Philadelphia-area community of Bensalem, Pa.
LS Property Investment purchased the asset.
Bensalem Square is fully occupied by a roster of mostly e-commerce-resistant regional restaurant, service and medical tenants anchored by a high-performing Redner’s Markets grocery store. Situated on 12.25 acres at 2506 Knights Road, the center is within a major retail corridor and proximate to the Philadelphia border. Bensalem Square is positioned within the highly populated Bucks County market, which boasts a population of nearly 18,500 residents within a one-mile radius and more than 109,000 within a three-mile radius of the property.
“This is the fifth commercial shopping enter for us at LS Property Investments and the third retail center anchored by a Redner’s Markets,” said CEO Suresh Kagithapu, who purchased the center along with major partner Harish Koya and investment partners Srinivas Adda, Siva Pola, Eswara Janjanam and Nagasekhar Anumalasetty. “Bensalem Square is an excellent addition to our investment portfolio that also includes the Sinking Spring Shopping Center near Reading, Cherry Square Shopping Center near Allentown and the Stowe Crossing Stripmall near Pottstown.”
“Infill, grocery-anchored retail continues to be in-demand within the asset class,” said Chris Munley, managing director at JLL, which represented the seller. “We have seen our offer counts increase across the board for all retail product in 2019, with a significant spike within this category specifically. The positive net increase in investor interest is indicative of where current pricing metrics are coming in.”
