Yardley’s shiny new Wegmans-anchored playground for shoppers is already on the block. Prickett Preserve, the mixed-use center in Bucks County built around a recently opened Wegmans, has been put up for sale and is already drawing interest from institutional buyers. The development is largely occupied, and brokers are leaning hard on the trifecta of a dominant grocery tenant, high occupancy and strong local demographics as reasons the property should spark a bidding war.
What’s On The Market
According to the Philadelphia Business Journal, the piece of Prickett Preserve on offer spans roughly 146,679 square feet on about 22 acres and is about 98% leased. Developers have already fielded unsolicited interest from institutional investors, which signals there is early appetite for the asset before a formal process has even kicked into gear.
Who’s Marketing It
Brokers at JLL are running the sale. JLL’s listing notes that Wegmans accounts for roughly 38% of the center’s gross income and cites a weighted average unexpired lease term of about 17.7 years. The marketing materials play up the project’s recent delivery in 2023-24, an affluent five-mile trade area and the property’s easy access to I-295 and Route 332.
Wegmans Is The Draw
Wegmans opened its Yardley store at 925 Vansant Drive in March 2024, according to a company press release and local coverage by the Philadelphia Inquirer. The 88,000-square-foot grocery anchors the Prickett Preserve master plan, which combines the supermarket with apartment buildings and neighborhood retail. The idea is to generate steady daytime traffic from residents and workers, then keep the momentum going on weekends.
Why Investors Are Paying Attention
In industry circles, grocery-anchored retail continues to sit near the top of the wish list, largely because essential tenants tend to deliver consistent foot traffic and more predictable rents. Reporting in Commercial Observer notes that funds and REITs have been actively raising capital to buy well-located centers with strong grocery anchors, which puts Prickett Preserve squarely in the current sweet spot.
What Comes Next For Yardley…