Federal Realty Investment Trust announced that it has sold the 124,626-square-foot, grocery-anchored retail center located in New Bricks County, Penn., in the Philadelphia MSA. JLL represented the seller and Milbrook Properties acquired the asset.
Built in 1990 and renovated in 2022, the 91 percent-occupied Town Center of New Britain is anchored by Giant, the dominant regional grocer in Bucks County. With nearly 20 years of existing tenure, Giant recently executed a 10-year extension in conjunction with a store expansion into an adjacent vacancy. Giant is complemented by strong co-tenancy, including Rite Aid, Dollar Tree, Verizon Wireless, Auto Zone and many other regional and national tenants.
Situated at 426 Town Center at a signalized intersection along Route 202, the property is set in a suburban infill and affluent location featuring 23 stores and 625 parking spaces. Within a five-mile radius of the property is a population of more than 99,285 and average hous
