Suburbia Shopping Center trades hands

PHILADELPHIA, Apr. 21, 2025 – JLL Capital Markets announced today that it has arranged the sale of Suburbia Shopping Center, a 154,219-square-foot retail property in Pottstown, Chester County, Pennsylvania.

JLL represented the seller, Gambone Management Co. The buyer was an affiliate of High Real Estate Group.

Suburbia Shopping Center, located at 80 Glocker Wy., offers excellent visibility and accessibility along the highly trafficked Pottstown Pike with direct connectivity to Rte-422, which sees over 56,000 vehicles per day. The center serves a population of 67,071 within a five-mile radius, with an average household income of $110,038.

Built in 2003, Suburbia Shopping Center spans 25.6 acres and is currently 85% leased. The center is anchored by Giant, the dominant grocer in the Philadelphia MSA.. Other notable tenants include Dollar Tree, Starbucks, UPS Store and Tower Health.

JLL Capital Market’s Investment Sales and Advisory team representing the seller was led by Senior Managing Director Jim Galbally and Director Patrick Higgins.

Galbally noted, "Suburbia Shopping Center represented a rare opportunity to acquire a value-add grocery anchored shopping center in the Philadelphia MSA. The strong anchor tenancy in Giant, and potential for lease-up and rent growth made this an attractive investment."

“The diversity of capital that pursued the opportunity underlines the ongoing demand that we are seeing for quality, grocery-anchored retail product in suburban marketplaces throughout the Philadelphia MSA and Mid-Atlantic,” added Higgins.

High’s acquisition team was led by Powell W. Arms, SVP and Managing Director, Retail.  Arms notes, “As part of the transaction, Giant extended their lease at the center, adding substantial term and reinforcing their commitment to the center and this market. High intends to build leasing momentum from this market commitment extension from Giant.”

The sale included the assumption of debt with significant remaining term and an attractive 4.00% interest rate.

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

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The Gambone Group, founded in 1958 by three brothers, has grown into a multifaceted real estate enterprise built on a foundation of commitment, honesty, hard work and innovation. Today, the company boasts a team of experienced professionals in real estate, engineering, construction and legal fields, who work together to develop creative strategies that deliver value to their business partners, tenants and customers. The Gambone Group continues to uphold its founding principles while adapting to modern market demands, solidifying its position as a respected leader in the industry.

High Real Estate Group., based in Lancaster Pennsylvania, is a premiere real estate owner, manager and developer, with expertise across diverse asset classes and a portfolio of 9 million square feet. High develops, owns and operates office, industrial, multi-family residential, retail and hotels from Pennsylvania to Florida. Learn more at highrealestategroup.com.