8A —March 18 - April 21, 2022 — Retail Development Reimagined — M id A tlantic Real Estate Journal
www.marej.com
R etail D evelopment R eimagined
Proceeds from the sale to be redeployed into opportunistic healthcare acquisitions Atkins Companies sells 6,750 s/f Cherry Hill, New Jersey restaurant
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the property boasts a strategic location in the heart of the Rte. 70 Cherry Hill retail corridor that is among one of the most heavily traveled in the Phila- delphia area. Since acquiring the two- building property in 2009, Atkins Companies recognized that the restaurant component no longer fit the company’s evolving investment criteria and subsequently sought to ex- ecute a sale. With the proceeds from the sale, Atkins continues its current investment strat- egy by redeploying the capital into strategic healthcare real estate acquisitions across
the country. “Healthcare real estate has been the backbone of our real estate portfolio for decades and has proven its resiliency throughout the last two years of the pandemic. We remain highly optimistic about its long- term future.” said Bob Atkins , managing principal at Atkins Companies. “We look forward to deploying the proceeds from the sale of this non-core asset to more aggressively pursue healthcare real estate acqui- sitions over the next several months and continue to grow our portfolio in this important asset class.” MAREJ Urstadt Biddle Properties announces acquisition of Shelton Square Shopping Center SHELTON, CT — Urstadt B iddle Properties Inc. (UBA and UBP) has acquired, for $33.6 million, Shelton Square Shopping Center, located in Shelton. Shelton Square is a 186,000 s/f community shop- ping center comprised of one building and three pad sites on a 20+-acre site and anchored by a 67,000 s/f Stop & Shop with a long-term lease. Stop & Shop also leases an ad- ditional 70,000 s/f at Shelton Square, which additional space formerly housed a Bradlees de- partment store. Stop & Shop is the former owner of Bradlees, and it has sublet the additional space to Edge Fitness, Hawley Lane Shoes and, previously, Bed, Bath & Beyond. The for- mer BBB space is now vacant and available. In total, Shelton Square is 96.5% leased to a diverse mixture of local, re- gional, and national tenants. Other tenants include People’s United Bank, St. Vincent’s/ Hartford Health, Burger King, Sports Clips, a local pizzeria, a local wine and spirits store, an optician, a salon, a jeweler, a Chinese restaurant and a brand-new physical therapist. Shelton Square is located on Bridgeport Avenue in Shel- ton, Connecticut. Bridgeport Avenue is a major commer- cial corridor in the northeast quadrant of Fairfield County that parallels Rte. 8. Compa- nies with offices in Shelton include Sikorsky/Lockheed Martin, Perkin Elmer and Pitney Bowes. MAREJ
HERRY HILL, NJ — Atkins Companies , one of the region’s most
s u c c e s s f u l multigenera- tional health- care real es- tate develop- ers, investors, and property ma n a g e r s , a n n o u n c e s the sale of a
Bob Atkins
6,750 s/f restaurant located at 104 Rte. 70 in Cherry Hill to a private buyer. Jay Miller of CBRE represented the buyer in the transaction. First constructed in 2007,
104 Rte. 70 in Cherry Hill
the property at 104 Route 70 is comprised of a restaurant building that is now home to a Crab Du Jour seafood
restaurant and a bank build- ing currently occupied by a Firstrust Bank. Located just five miles east of Philadelphia,
Relocation Opportunities Wanted
PENNSYLVANIA COUNTIES OF INTEREST INCLUDE: Bradford, Bucks, Carbon, Columbia, Lackawanna, Lehigh, Luzerne, Lycoming, Monroe, Northampton, Pike, Schuylkill, Sullivan, Susquehanna, Tioga, Wayne, Wyoming TYPES OF LOCATIONS WANTED: End Cap, In-Line, Drive-Thru, Free Standing
PLEASE CONTACT: Abbie Muto muto_a@sdepa.com | Cheryl Green green_c@sdepa.com (610) 366-8120 • www.sdepa.com
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