Brookhaven Shopping Center has been purchased by Invesco Real Estate for an estimated $35 million, writes Natalie Kostelni for the Philadelphia Business Journal.

It was sold by Katz Properties, the New York-based real estate investment, development, and management company that bought the 211,758-square-foot center five years ago for $12.3 million.

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The transaction between Katz Properties and Invesco was arranged by JLL’s Chris Angelone and Jim Galbally. According to them, institutional investors are constantly looking for grocery-anchored properties in “infill markets throughout the Northeast and Mid-Atlantic due to their stability and liquidity.”

Previously known as Plaza 352, Brookhaven Shopping Center is on Route 352, an active retail corridor with approximately 23,000 cars passing by every day. The center also has more than 209,000 residents living within a five-mile radius.

When Katz acquired the property in 2012, it was suffering from several setbacks, as its two main anchors, Kmart and Pathmark, had both closed. Katz, though, persuaded Lowe’s to move into a 150,000-square-foot space, while ShopRite and a PetSmart took the other 65,000 square feet of recently vacated space.

Read more about the Brookhaven Shopping Center in the Philadelphia Business Journal by clicking here.

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