Warminster Plaza Trades Hands to Pintzuk Brown Affiliate
"Retail assets offer competitive risk-adjusted returns in today’s commercial real estate climate, and more capital is entering the space," says HFF's Chris Munley.
WARMINSTER, PA—Warminster Plaza, a 128,544-square-foot shopping center in the Philadelphia-area community of Warminster, PA, has been acquired by PB Warminster Plaza, an affiliate of Jenkintown-based Pintzuk Brown, a private investor that also owns student housing and apartment properties.
A Holliday Fenoglio Fowler team led by managing director Chris Munley and director Michael DiCosimo marketed the property on behalf of the seller, Liberty Bell Capital III. The sale price was not disclosed.
“Investor demand for infill community and neighborhood shopping centers such as Warminster Plaza remains strong,” Munley says. “Retail assets offer competitive risk-adjusted returns in today’s commercial real estate climate, and more capital is entering the space as we continue to see improving retail fundamentals in occupancy levels, rental rates and tenant demand.”
Warminster Plaza is situated at the intersection of Street and York Roads, which have a combined traffic count of 70,000 vehicles per day. The retail center also has immediate access to the Pennsylvania Turnpike (Route 276) and is approximately 27 miles from Center City Philadelphia. More than 78,300 residents earning an average annual household income of $87,393 live within a three-mile radius of the center. Warminster Plaza is home to SMG SportsPlex at Warminster, AAA, Lee’s Hoagie House, YMCA of Buck’s County, Kid’s First Swim Schools, Pearle Vision Center and Grand Buffett.