Prickett Preserve, a 56,252-square-foot shopping center in Yardley, Pennsylvania, has sold for $39 million. The transaction achieved a record-setting price per square foot for a shopping center in the Greater Philadelphia region.
Dallas-based L&B Realty Advisors acquired the Bucks County property from developers DeLuca Homes and Envision Land Use. JLL marketed the property, which was 99% leased at the time of sale.
The transaction closed at approximately $693 per square foot. According to JLL, that represents the highest price per square foot recorded for a Philadelphia-area shopping center.
Located at 930 Stony Hill Road, Prickett Preserve occupies approximately 22 acres near Interstate 295 and Route 332. The shopping center opened in 2024 as part of a larger mixed-use development.
The retail property features a lineup of national tenants, including CVS, Verizon, Chase Bank, Chipotle, and Wonder. Additionally, a neighboring Wegmans grocery store serves as a major traffic generator for the center.
The 91,000-square-foot Wegmans operates on a separate parcel and was not included in the transaction. However, its presence provides a significant retail anchor for surrounding businesses.
Prickett Preserve also benefits from its location within a master-planned residential and commercial development. The broader project includes 200 apartments developed by Equus Capital Partners.
Notably, the property’s recent construction, high occupancy, and established tenant mix contributed to its investment appeal. Its proximity to major highways and surrounding residential communities further supports the retail location.
DeLuca Homes and Envision Land Use originally intended to retain the shopping center as a long-term investment. However, interest from institutional investors prompted the developers to explore a potential sale.
The resulting transaction highlights investor demand for newly developed retail properties with strong leasing fundamentals. Grocery-adjacent shopping centers remain attractive because they benefit from consistent customer traffic and complementary retail uses.
Furthermore, the record pricing demonstrates the value investors place on well-located properties with established national tenants.
For Bucks County’s commercial real estate market, the $39 million sale represents a significant retail investment transaction. Prickett Preserve’s performance also reinforces the appeal of grocery-anchored and mixed-use retail destinations throughout Greater Philadelphia.
*Article courtesy of Philadelphia Business Journal
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