Goodnoe’s Corner in Newtown and Village Center in Bensalem have been sold to ShopOne Center’s REIT and joint venture partners – Pantheon investment firm and a global institutional investor – for a combined $29.18 million, writes Jeff Werner for the Patch.
The seller was the Palladino Development Group, which also owns Newtown Shopping Center next to Goodnoe’s Corner.
Goodnoe’s Corner is home to tenants such as Rite Aid, the Green Parrot, AT&T, Jules Thin Crust Pizza, and Firstrust Bank, while ACME and Wells Fargo anchor the Village Center.
“We are excited to expand our presence in the Philadelphia market with these high-quality assets,” said Chris Reed, CEO of ShopOne. “These acquisitions align with our strategy of investing in well-located, grocery-anchored, and convenience-oriented centers that serve as essential retail destinations within their communities.”
Goodnoe’s Corner, constructed in 2008, is located within a three-mile area where the average annual household income exceeds $150,000.
The Village Center, meanwhile, was developed in 1976 and renovated in 1999. ACME Markets and Wells Fargo have both been tenants for nearly five decades.
With the latest acquisition, ShopOne’s joint venture portfolio now numbers 20 shopping centers spanning over 2.0 million square feet.
Read more about the sale of Goodnoe’s Corner in Newtown and Village Center in Bensalem in the Patch.
