The Shoppes at English Village at 1460 Bethlehem Pike in North Wales, Pennsylvania — Courtesy: CBRE
By Joshua Burd
MetLife Investment Management has sold a more than 103,000-square-foot retail center outside Philadelphia, in a newly announced deal by CBRE.
According to a news release, Nuveen Real Estate paid an undisclosed sum for the Trader Joe’s-anchored property at 1460 Bethlehem Pike in North Wales, Pennsylvania, some 20 miles west of New Jersey. CBRE brokers Chris Munley, Colin Behr, Ryan Sciullo, Casey Benson Smith, RJ Mirabile and Michael Pascavis represented the seller, while the firm’s Adam Spengler and Tom Traynor arranged financing for the buyer.
“The Shoppes at English Village is a true jewel in the heart of Montgomery County, one of the best areas to live in the state, distinguished by its rich history, affluence and robust economy,” Munley said. “In addition, this amazing retail center boasts excellent national tenancy, offering complementary and dynamic merchandizing mix of retail offerings.”
Located about 25 miles from Philadelphia, The Shoppes at English Village is 95 percent leased to national tenants including LensCrafters, Athleta, CycleBar, Hallmark, CHOPT and Talbots. The 103,325-square-foot shopping center also has nearly 5,000 square feet of built-out restaurant space with a liquor license.
“Thank you to MetLife Investment Management for entrusting us to execute the sale of a generational piece of real estate such as The Shoppes at English Village,” Behr said. “In what was an extremely competitive marketing and bid process, Nuveen Real Estate was selected for their exceptional reputation and navigated the transaction professionally and timely. Thank you to both groups on their diligence throughout process.”
Ryan Boan, U.S. head of retail transactions at Nuveen Real Estate, added: “The Shoppes at English Village perfectly aligns with our grocery-anchored neighborhood strategy and investment criteria. The addition of English Village further diversifies our Northeast exposure and adds yet another premier grocer to the portfolio.”
