A major Delaware County shopping center has entered the market for sale, potentially attracting offers near $40 million. Brookhaven Shopping Center, a 213,800-square-foot retail property, is fully leased and anchored by ShopRite and Lowe’s.
Located at 5075 Edgmont Avenue in Brookhaven, Pennsylvania, the shopping center occupies approximately 22.7 acres. JLL is marketing the property on behalf of owner Invesco Real Estate.
Invesco acquired the shopping center from Katz Properties for $30.5 million in 2017. Originally constructed in 1971, the property underwent renovations approximately a decade ago.
The center features a strong lineup of national retailers and service-oriented businesses. In addition to ShopRite and Lowe’s, tenants include PetSmart, Citizens Bank, Aspen Dental, and Tropical Smoothie Café.
Notably, ShopRite and Lowe’s account for approximately 68% of the property’s gross income. Both anchor tenants have nearly 10 years remaining on their leases.
The shopping center also maintains a weighted-average lease term of 8.5 years. Furthermore, national and credit tenants generate more than 94% of the property’s income.
These leasing fundamentals could attract investors seeking established retail properties with long-term income potential.
Brookhaven Shopping Center benefits from its location along Edgmont Avenue, which carries more than 22,000 vehicles daily. Additionally, the property sits approximately two miles from Interstate 476 and four miles from Interstate 95.
The shopping center’s accessibility and established retail presence contribute to its position within Delaware County’s suburban commercial market.
Although an official asking price has not been announced, industry sources suggest the property could sell for approximately $40 million. That valuation would represent roughly $187 per square foot.
The potential pricing aligns with recent grocery-anchored retail transactions throughout Greater Philadelphia.
In Montgomery County, Water Tower Square recently sold for $50 million, or approximately $186 per square foot. Meanwhile, Marketplace at Huntingdon Valley traded for approximately $60 million, or $233 per square foot.
These transactions highlight continued investor interest in well-located shopping centers with established grocery anchors.
For Greater Philadelphia’s commercial real estate market, Brookhaven Shopping Center represents another significant retail investment opportunity. Its full occupancy, national tenant mix, and long-term leases provide several attractive investment characteristics.
*Article courtesy of Philadelphia Business Journal
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