An affiliate of Brown Real Estate has purchased a Northeast Philadelphia shopping center for $30.8 million. The site is anchored by a ShopRite supermarket.

This ShopRite is one of 12 locations run by Brown’s Super Stores. With the acquisition of the Shoppes at Wissinoming, the Brown family now owns both the store and the 98,000-square-foot center. They also own real estate for their Cheltenham and Roxborough stores.

Moreover, the sale reached $314 per square foot, far above this year’s regional average of $220 for grocery-anchored centers.

The shopping center is located at 5597 Tulip St. near Harbison Avenue. Arctrust developed the property in 2018.

It remains 98% occupied by original tenants such as Super Wawa, Popeyes, and AT&T.

*Article courtesy of Philadelphia Business Journal

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