Bear's Eden Square Shopping Center sells for a reported $30 million

Real estate services firm JLL worked on behalf of the seller, Acadia Realty Trust. The buyer was Lenox Group.

Eden Squre has a 98% occupancy rate that includes  LA Fitness, Gabe's, Citi Trends, Dollar Tree, Fulton Bank, Starbucks and Hobbytown USA, Capriotti's and El Tapatio. 

Eden Square suffered a setback when Lowe's moved to a new store across the highway from Eden Square. However, Arcadia was able divide the big box store into three spaces now occupied by  Citi Trends, Gabe's and LA Fitness.

Arcadia also replaced  a long closed Wendy's location with a Starbuck's and saw Fulton Bank occupy a former PNC Bank location.

JLL noted that  31,238 square feet of new leases and 20,360 square feet of renewals were executed in the past three years.

JLL Capital Market’s Investment Sales and Advisory team representing the seller was led by Jim Galbally and Jordan Lex and Directors Patrick Higgins and Daniel Naughton.

"Eden Square represents a generational opportunity to acquire a grocery-anchored shopping center with strong credit tenancy in an established retail node," said Galbally. "The property's excellent visibility, robust traffic counts and impressive customer visit metrics demonstrate its dominant position within the Bear submarket."

Arcadia  continues to list  the Brandywine Town Center in north Wilmington as one of its holdings. The center at the site of the former Brandywine Raceway. The center's construction came at the end of the enclosed shopping center era and was pushed through the New Castle County approval process despite neighborhood opposition.

The center never lived up to the vision of its Rollins family developers  and was later sold to Arcadia, which later sold part of its interest in the center, but later bought back that stake.

While the center has  national tenants like  Target, Lowe's, Dick's and Regal  Cinemas, the mall's interior ended up being converted to office space