Prickett Preserve Property Sold For Record $39M

LOWER MAKEFIELD TOWNSHIP, PA — Prickett Preserve, a prime property across the street from Shady Brook Farm, has been sold for a record amount.

Over two years after being built, the 146,679-square-foot town center was offered for sale by Jones Lang LaSalle Americas, Inc., in April.

JLL Capital Markets arranged the sale of Prickett Preserve for $39 million, the highest price per square foot for any shopping center sale in the Philadelphia region.

The joint venture between DeLuca Homes and Envision Land Use sold the recently completed property to L&B Realty Advisors LLP in a transaction that JLL said highlights strong investor demand for grocery-anchored retail.

JLL said the "high-performing Wegmans-anchored shopping center accounts for 38 percent of the property’s gross income.

Completed between 2023 and 2024, Prickett Preserve is a 99 percent leased neighborhood shopping center situated on 22.6 acres at 930 Stony Hill Road.

Prickett Preserve features a mix of food-and-beverage, medical, beauty and telecommunications tenants besides luxury apartments.

Additional retailers include CVS Pharmacy, Chase Bank, Chipotle, Firebirds and Wonder.

"Prickett Preserve represented a rare opportunity to acquire a newly developed shopping center in one of the region's most established and affluent suburban communities," JLL Senior Managing Director Jim Galbally said. "Investors were attracted to the property's institutional-quality tenancy, strong daily-needs merchandising and the limited pipeline of comparable opportunities in the market."

The Wegmans supermarket is the centerpiece of the Prickett Preserve development, which includes nine multi-family buildings containing 200 apartment units plus a clubhouse with a pool, and seven commercial buildings totaling 52,000 square feet.

Prickett Preserve is located at the interchange of Interstate 295 and Route 332, with a population of over 144,900 residents and an average household income of $166,500 within a 5-mile radius of the property.