CBRE on Thursday announced the sale of The Shoppes at English Village, a prominent, Trader Joe’s-anchored shopping center located at 1460 Bethlehem Pike in North Wales, PA. The 103,325 sq.-ft. retail center situated in the heart of Montgomery County was acquired by the global investment management firm Nuveen Real Estate from MetLife Investment Management.
The CBRE National Real Partners team of Chris Munley, Colin Behr, Ryan Sciullo, Casey Benson Smith, RJ Mirabile and Michael Pascavis spearheaded the marketing campaign and represented the seller in the negotiations. Adam Spengler and Tom Traynor of CBRE secured the financing for the buyer.
“The Shoppes at English Village is a true jewel in the heart of Montgomery County, one of the best areas to live in the state, distinguished by its rich history, affluence, and robust economy,” Munley said. “In addition, this amazing retail center boasts excellent national tenancy, offering complementary and dynamic merchandizing mix of retail offerings.”
“Thank you to MetLife Investment Management for entrusting us to execute the sale of a generational piece of real estate such as The Shoppes at English Village. In what was an extremely competitive marketing and bid process, Nuveen Real Estate was selected for their exceptional reputation and navigated the transaction professionally and timely. Thank you to both groups on their diligence throughout process,” Behr said.
Located in Montgomery County, less than 30 minutes away from Cherry Hill, The Shoppes at English Village is 95% leased to high-profile national retail tenants including LensCrafters, Athleta, CycleBar, Hallmark, CHOPT and Talbots. The shopping center also has nearly 5,000 sq. ft. of built-out restaurant space with the highly coveted Montgomery County Liquor License.
“The Shoppes at English Village perfectly aligns with our grocery-anchored neighborhood strategy and investment criteria. The addition of English Village further diversifies our Northeast exposure and adds yet another premier grocer to the portfolio,” Ryan Boan, U.S. Head of Retail Transactions at Nuveen Real Estate, said.
