Despite Challenges of Corona, Attractive Neighborhood Shopping Center Fetches $4.5M
Colliers is pleased to announce the team of Jeff Algatt, Derek Zerfass and Scott Horner has recently completed the investment sale of Bethlehem Village Shoppes, a 31,450 sf multi-tenanted open air neighborhood shopping center at 3650 Nazareth Pike in Bethlehem, PA. The transaction, from a Bucks County private seller to a Bucks County private buyer, was consummated for $4,500,000.
Bethlehem Village Shoppes is proximate to downtown Bethlehem as well as local dominant regional big box shopping centers. The Shoppes are home to a diverse tenant roster of local retail, service and professional tenants such as Painting with a Twist, Mitzi’s Table, Kumon, Revolution Styling, H&R Block, Atlantic Aquatic and the Northampton County Court of Common Pleas.
“This sale of an open air, neighborhood shopping center in the middle of the coronavirus pandemic uncertainty is notable for the teamwork and flexibility of all the parties: seller, buyer, brokers, attorneys, lender, title company, and environmental consultants. It also shows the investment market for shopping centers is not dead, but alive and adapting to the “new normal,” provided Jeff Algatt, Senior Vice President in Colliers’ Capital Markets | Investment Services group.
Derek Zerfass, Colliers Senior Vice President in Retail Brokerage, added “There is a dense residential population servicing the center, it is well-leased and the fundamentals are solid, making the investment attractive to the 1031 exchange requirement buyer.” Zerfass and Colliers Vice President Scott Horner were the long-standing leasing agents who worked diligently to build the Shoppes’ healthy occupancy to support the sale and have been retained by the new owner for future leasing.
W.C. Weiss of Equis Commercial Real Estate represented the buyer. Financing was arranged through community lender QNB.
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