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Institutional Property Advisors Closes Suburban Shopping Center Sale in Bucks County Pennsylvania

January 10, 2022
WARRINGTON, Pa., Jan. 10, 2022 – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced today the sale of Warrington Plaza, an 87,581-square-foot, 100% occupied neighborhood shopping center in Warrington, Pennsylvania. The purchase price is $22.5 million.

“Warrington Plaza is shadow-anchored by one of the pandemic’s most durable and profitable big-box retailers, Home Depot,” said Brad Nathanson, IPA senior managing director. “This 116,340-square-foot Home Depot is a strong regional draw that brought in over 933,000 visits in the trailing 12 months. The center is further anchored by a 35,000-square-foot regional specialty home improvement retailer, Avalon Floor & Tile, which has been providing tremendous synergy with Home Depot since 2003. The property was resilient during COVID, retaining 100% of its existing tenants while also getting anchor tenants Avalon and Rite Aid to sign long-term leases. Warrington is one of Avalon Floor & Tile’s highest-grossing locations of the 17 stores in the chain. Seventy-five percent of the visitors to Warrington Plaza come from up to 10 miles away, an area composed of over 231,000 people with an average annual household income of $99,234.” Nathanson represented the seller, Valley Forge Investment Corp., and procured the buyer, Realty Resource Capital Corp.

The center is located within a dynamic retail submarket at the intersection of two of the busiest commercial arteries in Bucks County, Street Road and Easton Road, which have a combined traffic count that exceeds 69,000 cars per day. Power retailers Wegmans, Walmart, BJ’s Wholesale Club, Target, Regal, LA Fitness, Aldi, and Lowes occupy 2.5 million square feet of retail at the intersection. Bucks County, located approximately 20 miles from Philadelphia, has a regional and national profile associated with an affluent and educated demographic. In addition, Amazon Fresh opened its first store in the greater Philadelphia area in Warrington in 2021, demonstrating the overall strength of this retail submarket within the greater MSA. Sean Beuche is Marcus & Millichap’s broker of record in Pennsylvania.


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About Institutional Property Advisors (IPA)
Institutional Property Advisors (IPA) is a division of Marcus & Millichap (NYSE: MMI), a leading commercial real estate services firm in North America. IPA’s combination of real estate investment and capital markets expertise, industry-leading technology, and acclaimed research offer customized solutions for the acquisition, disposition and financing of institutional properties and portfolios. For more information, please visit www.institutionalpropertyadvisors.com

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