Drexeline Shopping Center, a 265,825-square-foot property
on 18.5 acres at Route 1 and State Road in Upper Darby, Pa., sold for $30
million.
MCB Real Estate from Baltimore is the buyer. It owns
other Philadelphia area properties including 840 Cottman Ave., 140 N. McDade
Blvd. and Airport Plaza.
The property is a retail destination and institution in
Upper Darby. It was developed in 1950 by the Seegul family, who were also the
sellers.
While it has large anchors such as ShopRite, CVS, and
Wells Fargo, Drexeline also has several smaller community-based tenants such as
a dry cleaners, an optometrist, pizza place, appliance store and dance studio.
The property pulls shoppers from a large area including
the Main Line, where household incomes are high. For example, Haverford, Pa.,
is within five miles and its annual household income is $151,000 whereas
Gladwyne, Pa., is within 10 miles and has an annual household income of
$189,000.
The center was put up for sale a year ago. Jim Galbally
of JLL arranged the transaction.
Source: Philadelphia
Business Journal
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