Goodnoe's Corner In Newtown Changes Hands In $15.38M Deal

NEWTOWN TOWNSHIP, PA —Two Bucks County shopping centers have changed hands under a $29.1 million transaction brokered by Marcus & Millichap.

ShopOne Center’s REIT Inc. of New York City, in collaboration with its joint venture partners Pantheon and a leading global institutional investor, in March acquired Goodnoe's Center in Newtown and the Village Center in Bensalem.

Under the deal, ShopOne acquired the 34,660-square-foot Goodnoe's Corner for $15.8 million and the 87,705 square foot Village Center in Bensalem for $13.5 million.

The Goodnoe's Center is anchored by Rite Aid, the Green Parrot, and Firstrust Bank. The Village Center in Bensalem is anchored by ACME and Wells Fargo Bank.

“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 is located on North Sycamore Street in Newtown Township. (Jeff Werner/Patch)

Woodard and Derrick Dougherty of Marcus & Millichap represented the seller and procured the buyer, an affiliate of a private real estate investment trust headquartered in New York.

Built in 2008 on four acres that was once home to the beloved Goodnoe Dairy Bar and Restaurant, Goodnoe’s Corner is within a three-mile radius of an average annual household income of more than $150,000.

Constructed in 1976 and renovated in 1999, Village Center in Bensalem is near Interstate 276 and visible from Bristol Road and Hulmeville Road. Tenants ACME Markets and Wells Fargo have been at the center for 46 and 47 years, respectively.

“Goodnoe’s Corner and Village Center are high-quality retail investments with long-term stability and strong tenant mixes,” said Scott Woodard, first vice president of investments in Marcus & Millichap’s Philadelphia office. “The sale highlights the strength of continued demand for well-located retail assets in affluent, high-traffic markets.”

The acquisition of Goodnoe’s Corner and Village Center brings the total number of shopping centers in ShopOne's joint venture portfolio to 20, encompassing more than 2.0 million square feet. The Pennsylvania expansion reflects ShopOne's commitment to growing its footprint in key markets and enhancing the value of its portfolio through strategic acquisitions and active asset management.

ShopOne Centers is an investment, management and operating platform focused exclusively on designing and executing strategies in U.S. grocery-anchored neighborhood shopping centers through joint venture partnerships with institutional investor clients.

The company’s retail centers are located in established trade areas and are supported by a diverse mix of non-discretionary, value-oriented and grocery retailers. In a press release, ShopOne said it is committed to maximizing the value of its portfolio by capitalizing on embedded growth opportunities through driving rents, increasing occupancy and pursuing value-enhancing redevelopment opportunities.