Galbally, Munley and Behr of JLL arrange $29.35M sale of Giant-anchored retail center
BLUE BELL, PA — JLL has closed the $29.35 million sale of the Shops at Blue Bell, 103,580 s/f, grocery-anchored neighborhood shopping center in the suburban Philadelphia community of Blue Bell. JLL marketed the property on behalf of the seller, a real estate investment manager managing the sale on behalf of one of its separate account clients. KPR, formerly known as Katz Properties, purchased the asset. Situated on 11.54 acres at 1760 Dekalb Pike (Rte. 202), Shops at Blue Bell is in an established retail location in Montgomery County and 15 miles from downtown Philadelphia. The property has multiple points of access from local thoroughfares Rte. 202 and Township Line Rd. More than 70,000 residents earning an average annual household income of $111,525 live within a three-mile radius of the property. Shops at Blue Bell is anchored by Giant, the top grocer in suburban Philadelphia and Montgomery County. Giant has occupied the center for the past 24 years. Additionally, the 98% leased center is home to a mix of retailers, including Santander, True Value, IHOP, Supercuts and GNC.