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Retail Assets in PA Trade at Disparate Prices

ABINGTON, PA-Somerset Tire Services pays $171 per sf for a property on Old York Road here while the Salvation Army acquires a Bucks County site for $60 per sf.

By Marita Thomas | Updated on January 19, 2007

(For more retail coverage, click GlobeSt.com/RETAIL.)

ABINGTON, PA-Two vacant retail buildings in adjacent counties traded here recently for an aggregate of $3 million. The priciest on a per-sf-basis is a 7,000-sf building here at 1424 Old York Road in Montgomery County, which commanded $1.2 million. The other is a 30,000-sf former Frank’s Nursery building at 191 Lincoln Highway in Fairless Hills in Bucks County that sold for $1.8 million.

The Salvation Army acquired the former Frank’s Nursery from Juniper Properties for $60 per sf. Pat McCabe of the Wayne office of CB Richard Ellis was the sole broker in the transaction. He says the Salvation Army will use the property, which includes six acres, for a new retail thrift store that is expected to open this quarter.

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