(For more retail coverage, click GlobeSt.com/RETAIL.)
DOYLESTOWN, PA-A local partnership, identified as Robbins Acquisition LLC, has acquired the 26,000-sf Barnaby's Plaza for nearly $6.9 million, or approximately $264 per sf. The center is located on four acres of land on Easton Road/Rte. 611 in Plumstead Twp.
It is currently 90% occupied, and the tenant roster includes a HealthSouth physical therapy unit, Huntington Learning Center, Willow Home Furnishings and a local computer store. Patrick McCabe, Kevin McClernon and George Schmitt of the area office of CB Richard Ellis represented the seller, Barnaby Plaza LLC, a local partnership. Robbins was represented in house.
Without identifying locations, McCabe says the buyer "has a significant presence, including a downtown shopping center here. This is an excellent complement to its existing portfolio." He also says this Bucks County location is "a supply constrained retail market with increased demand for retail space."
He tells GlobeSt.com the center was originally developed in the mid-1980s and renovated and expanded by 10,000 sf in 2003. The rental rates, he says, average in the range between $24 per sf and $26 per sf.
Both the sale price and the rental rate exceed the averages for retail in the Philadelphia suburbs, according to a Q1 2006 report, the most recent one, from the Philadelphia office of Marcus & Millichap. That puts the median selling price per sf for multi-tenant properties at $122 per sf, an increase of 16% compared with early 2005. The report projects a 3% increase in the average asking retail rent rate, taking it to $19.50 per sf in the overall Philadelphia MSA this year.
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