JLL Capital Markets facilitates the sale of Eden Square in Bear, DE

PHILADELPHIA, PA –  JLL Capital Markets announced that it has arranged the $30 million sale of Eden Square, a 230,255-square-foot Giant-anchored shopping center located in Bear, Delaware.

JLL worked on behalf of the seller, Acadia Realty Trust. The buyer was Lenox Group.

Eden Square is strategically located at 100 Eden Cir., offering excellent roadway visibility along the highly trafficked Rte-40 and Rte-1 interchange with more than 43,900 and 45,400 vehicles per day, respectively. The property sits approximately 10 miles from Wilmington and 30 miles from Philadelphia, providing strong regional connectivity.

The 98% occupied center is anchored by Giant Food, which has over 30 years of tenure at the location. The center features a complementary tenant lineup that includes LA Fitness, Gabe's, Citi Trends, Dollar Tree, Fulton Bank, Starbucks and more. Credit and national tenants account for 89% of the property's gross income.

Eden Square benefits from significant leasing momentum, with over 31,238 square feet of new leases and 20,360 square feet of renewals executed in the past 36 months. The property serves a densely populated trade area with a population of more than 141,000 and an average household income of $97,866 within a five-mile radius.

JLL Capital Market’s Investment Sales and Advisory team representing the seller was led by Senior Managing Directors Jim Galbally and Jordan Lex and Directors Patrick Higgins and Daniel Naughton.

"Eden Square represents a generational opportunity to acquire a grocery-anchored shopping center with strong credit tenancy in an established retail node," said Galbally. "The property's excellent visibility, robust traffic counts and impressive customer visit metrics demonstrate its dominant position within the Bear submarket."

“The sale underlines the continuing demand for well-located, grocery-anchored shopping centers in the mid-Atlantic,” added Higgins. “The strength of retail fundamentals in the Philadelphia MSA continue to attract a diverse array of investors seeking durable cash flow and strong, risk-adjusted returns.”