IPA Capital Markets provided acquisition financing.
Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced today the sale of Centre Square Commons, a 88,598-square-foot grocery-anchored specialty retail shopping center in Blue Bell, Pennsylvania. The sales price is approximately $40 million.
“The property is a best-of-class asset at the crossroads of one of the wealthiest submarkets in the Philadelphia metro area,” said Brad Nathanson, IPA senior managing director. “At the time of the sale, the center was 96% occupied by a strong lineup of service-oriented tenants and restaurants, anchored by a 22,450 square foot Aldi Supermarket.” Nathanson represented the seller, Kinsley Properties and identified the buyer, Medipower Overseas Co., a full-service commercial real estate company specializing in retail real estate across the Northeast and in Canada’s major markets. IPA Capital Markets’ Michael Helpern and Christopher Marks in Manhattan arranged the debt on behalf of the buyer.
“The pride of ownership on a generational asset, the success of the lease-up, fine aesthetics of first-class construction, and internet-proof tenancy created strong demand from national investors to own Centre Square Commons,” Nathanson added. Ron Stern, CEO for Medipower commented: “We are excited to add another trophy asset to our portfolio. Center Square Commons fits perfectly within Medipower’s strategy of owning best-in-class grocery-anchored shopping centers in dominant trade areas with an excellent credit profile, strong demographics, and barriers to entry.”
Developed in 2017 as one of only a handful of new grocery-anchored shopping centers delivered in the past few years in the greater Philadelphia suburbs, Centre Square Commons is optimally located on the corner of Route 202, and Route 73, at the heart of Blue Bell. Centre Square Commons’ tenant roster includes a 10,816-square-foot Pennsylvania Fine Wine & Spirits Signature Premium Store, Starbucks, Zoe’s Kitchen, Anthony’s Coal Fired Pizza, Turning Point, Hand & Stone Massage, Lash Lounge, Jersey Mike’s, Barre 3 Yoga, Verizon, and Vist Bank. Sean Beuche, license no. RM424190 is Marcus & Millichap’s broker of record in Pennsylvania.
About Institutional Property Advisors (IPA)
With a network of senior-level investment advisors located throughout the United States and Canada, Institutional Property Advisors (IPA) is qualified to meet the needs of institutional and major private investors. IPA’s combination of real estate investment and capital markets expertise, industry-leading technology, superior support services and acclaimed research offer customized solutions for the acquisition and disposition of institutional properties and portfolios. www.institutionalpropertyadvisors.com.
