SOLD: Prickett Preserve in Yardley, PA Breaks Real Estate Record

The sale of a popular shopping center in Bucks County has set a Philadelphia-area real estate record, according to Shopping Center Business.

Prickett Preserve shopping center in Yardley was sold for $39 million

Prickett Preserve, the just over 56,000 square-foot shopping center on Stony Hill Road, across from Shady Brook Farm, has been sold for a whopping $39 million.

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The sale broke a Philadelphia real estate record

JLL Capital Markets arranged the historic sale. It's the highest price tag, per square foot for any shopping center ever sold in the Philadelphia-area. Wow.

Anchor store Wegmans was not a part of the sale

What's interesting about this deal is Wegmans grocery store was not a part of it. That's right, it will now be independently owned. So, when you hear Wegmans is "shadow anchoring" the shopping center, that means it has a separate owner than the rest of the shopping center.

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DeLuca Homes and Envision Land Use sold the relatively new shopping center (it opened in March 2024) to L&B Realty Advisors LLP.

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"Prickett Preserve represented a rare opportunity to acquire a newly developed shopping center in one of the Philadelphia region's most established and affluent suburban communities," said JLL Senior Managing Director, Jim Galbally, in a statement about the sale. "Investors were attracted to the property's institutional-quality tenancy, strong daily-needs merchandising and the limited pipeline of comparable opportunities in the market."

Prickett Preserve is almost filled with tenanats

Prickett Preserve is 99% filled with restaurants that include La Grange French Steakhouse, Firebirds Wood Fired Grill, Morning Prime, Chipotle, Wonder, Duck Donuts, and Paris Baguette. The many retail stores and services include CVS Pharmacy, Michael's Jewelers, Chase Bank, Go Glow, and Verizon.

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Madison Prickett Preserve apartment complex is right next to the shopping center, giving residents an easy way to dine, shop, and take advantage of the services available.

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