Adler Realty Pays $12M for Philadelphia-Area Retail Asset
- Jul 16, 2020
Adler Realty Investments has purchased Bensalem Crossing, a 67,215-square-foot retail property in Bensalem, Pa., for $11.5 million.
Nationwide Life Insurance Co. originated a $7.1 million acquisition loan for the purchase, according to public records. JLL Capital Markets represented the seller, a private investor, and secured the financing for the buyer.
Located on 9 acres at 2200 Bristol Road, the property comprises two single story buildings completed in 1999. At the time of the sale, the center was fully occupied by ShopRite, CVS and Verizon. The grocery operator recently signed a new long-term lease at the location. Bensalem Crossing is 20 miles northeast of downtown Philadelphia and 13 miles southwest of downtown Trenton, N.J.
JLL Senior Managing Directors Chris Munley and Jim Galbally, along with Senior Director Colin Behr assisted the seller in the transaction. The firm’s Senior Managing Directors Brian Halpern and Chad Orcutt and Director Mike Pagniucci arranged the financing for the buyer.
Earlier this month, another JLL team completed the disposition of a 238,000-square-foot, Amazon-leased facility in Katy, Texas. The firm worked on behalf of the seller, a partnership between Transwestern and UBS Realty Investors.