Goodnoe\u2019s Corner in Newtown Township for $15.38 million<\/a> in March.<\/p>\nAs part of the transaction, ShopOne also acquired the Village Center, which is anchored by ACME and Wells Fargo Bank.<\/p>\n
\u201cWe are excited to expand our presence in the Philadelphia market with these high-quality assets,\u201d said Chris Reed, CEO of ShopOne. \u201cThese acquisitions align with our strategy of investing in well-located, grocery-anchored and convenience-oriented centers that serve as essential retail destinations within their communities.\u201d<\/p>\n
Constructed in 1976 and renovated in 1999, Village Center in Bensalem is near Interstate 276 and visible from Bristol Road and Hulmeville Road. Tenants ACME Markets and Wells Fargo have been at the center for 46 and 47 years, respectively.<\/p>\n
\u201cGoodnoe\u2019s Corner and Village Center are high-quality retail investments with long-term stability and strong tenant mixes,\u201d said Scott Woodard, first vice president of investments in Marcus & Millichap\u2019s Philadelphia office. \u201cThe sale highlights the strength of continued demand for well-located retail assets in affluent, high-traffic markets.\u201d<\/p>\n
The acquisition of Goodnoe\u2019s Corner and Village Center brings the total number of shopping centers in ShopOne’s joint venture portfolio to 20, encompassing more than 2.0 million square feet. <\/p>\n
The Pennsylvania expansion reflects ShopOne’s commitment to growing its footprint in key markets and enhancing the value of its portfolio through strategic acquisitions and active asset management.<\/p>\n
ShopOne Centers is an investment, management, and operating platform focused exclusively on designing and executing strategies in U.S. grocery-anchored neighborhood shopping centers through joint venture partnerships with institutional investor clients.<\/p>\n
The company\u2019s retail centers are located in established trade areas and are supported by a diverse mix of non-discretionary, value-oriented, and grocery retailers. <\/p>\n
In a press release, ShopOne said it is committed to maximizing the value of its portfolio by capitalizing on embedded growth opportunities through driving rents, increasing occupancy, and pursuing value-enhancing redevelopment opportunities.<\/p>\n
Patch Staff Writer Jeff Werner contributed to this report.<\/p>\n","protected":false},"excerpt":{"rendered":"BENSALEM TOWNSHIP, PA \u2014 The Village Center \u2014 a longtime township shopping center \u2014 has been sold for…\n","protected":false},"author":2,"featured_media":4584,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[17],"tags":[191,193,192,194],"class_list":{"0":"post-4583","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-bensalem","8":"tag-bensalem","9":"tag-bensalem-headlines","10":"tag-bensalem-news","11":"tag-bensalem-township"},"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us-pa\/wp-json\/wp\/v2\/posts\/4583","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us-pa\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us-pa\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-pa\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-pa\/wp-json\/wp\/v2\/comments?post=4583"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us-pa\/wp-json\/wp\/v2\/posts\/4583\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-pa\/wp-json\/wp\/v2\/media\/4584"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us-pa\/wp-json\/wp\/v2\/media?parent=4583"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-pa\/wp-json\/wp\/v2\/categories?post=4583"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-pa\/wp-json\/wp\/v2\/tags?post=4583"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}