BET Investments Purchases Bucks Crossing Shopping Center from Korman Commercial Porperties
Horsham, Pennsylvania (September 11, 2013). BET Investments, Inc., a commercial real estate company owned by Bruce E. Toll, is pleased to announce that on September 9, 2013 it acquired the Bucks Crossing Shopping Center located in Feasterville, Pennsylvania.
Bucks Crossing is an outstanding grocery anchored neighborhood shopping center with excellent access and visibility from Street Road that contains 131,035 square feet of space. The property is anchored by a 70,000 square foot Acme Supermarket and includes TJ Maxx, Petco, Wells Fargo Bank, Five Guys Burgers and Saladworks.
At closing, the property was 93.6% occupied. The property is located in Bucks County on corner of Street Road and Bustleton Pike with easy access to U.S. 1, the Pennsylvania Turnpike and I-95. Demographics in a 5-mile radius include over 232,000 people with an average household income of $80,000 per year.
“We are excited that we were able to acquire this in-fill grocery anchored shopping center and increase our Philadelphia area shopping center holdings,” said Michael P. Markman, President of BET Investments. “It is very hard to develop or purchase well located grocery anchored shopping centers in the Philadelphia area where these types of properties do not change hands very often, so this acquisition was an excellent way to increase our targeted local holdings.”
Kevin McClernon of CBRE was the broker in the transaction.
BET Investments is fully integrated real estate development, leasing and management company that was founded by Bruce E. Toll and owns more than 6 million square feet of commercial property and over 1,500 apartment units in 12 states.
For more information contact Michael P. Markman, President of BET Investments, Inc. at (215) 938-7115 or firstname.lastname@example.org.