Suburbia Shopping Center, a 154,000-square-foot retail property in North Coventry Township, Chester County, has been sold.
The shopping center, located at Glocker Way and Pottstown Pike (Route 100), has been sold by Gambone Management Co., which was represented during the sale by JLL Capital Markets. It was purchased by a High Real Estate Group affiliate earlier this month.
Chester County property records show the property was sold for $27.2 million.
Built in 2003, Suburbia Shopping Center spans 25.6 acres and is currently 85% leased, according to a press release. The center is anchored by Giant, with other tenants including Dollar Tree, Starbucks, a 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.
“Suburbia Shopping Center represented a rare opportunity to acquire a value-add grocery-anchored shopping center in the Philadelphia MSA,” Galbally said in a statement, adding that the strong anchor tenancy in Giant and the potential for lease-up and rent growth made the center 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,” Higgins said in a statement.
High’s acquisition team was led by Powell W. Arms, SVP and managing director, retail for High Real Estate Group.
“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,” Arms said in a statement.
Suburbia Shopping Center offers visibility and accessibility along the highly trafficked Pottstown Pike (Route 100) with direct connectivity to Route 422, which sees over 56,000 vehicles per day, according to the release.
A population of 67,071 lives within a five-mile radius, with an average household income of $110,038.
Source: Berkshire mont