Yardley’s Prickett Preserve shopping center, anchored by Wegmans, has been put on the market, writes Paul Schwedelson for the Philadelphia Business Journal.
According to JLL’s listing, the shopping center spans nearly 150,000 square feet and was completed two years ago, and is 98 percent occupied.
Wayne’s Envision Land Use and Langhorne’s DeLuca Homes collaborated to develop the shopping center.
While they initially planned to hold the development long-term, DeLuca Homes President Vince DeLuca said they’d received interest from private equity firms and real estate investment trusts.
“We figured we’d put it out there in the public and see what it would bear,” said DeLuca. “It’s available for the right number.”
The tenants in the shopping center, which include CVS, Chase Bank, and Verizon, have a weighted average lease term of 17.7 years.
Wegmans, which has 20 years left on its lease, opened in 2024 and spans 91,000 square feet.
The residential portion of the mixed-use project was developed by Newtown Square’s Equus Capital Partners. The 200 apartment units are not included in the sale.
Read more about the listing for Prickett Preserve shopping center in Yardley in the Philadelphia Business Journal.
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