Tuesday, August 5, 2014

Concordville Town Centre expected to trade for more than $100M



Concordville Town Centre is under contract and expected to trade for more than $100 million.

The 532,995-square-foot regional shopping center at Routes 1 and Route 322 in Glen Mills, Pa., was constructed by Brandolini Cos. of Berwyn, Pa., five years ago. The total square footage of the center includes space occupied by Target, which owns its own store. Excluding the Target, the portion of the center that is for sale totals 397,188 square feet.


The center is 99.3 percent occupied by 28 tenants including Home Depot, Home Goods, Acme, Staples and PetSmart. It sits on 68.6 acres, and is expected to generate $5.84 million in net operating income next year.

Concordville Town Centre received a lot of investor attention for several reasons, according to people familiar with it. It’s a solid piece of real estate with strong anchors that consistently draw a lot of foot traffic. It is located in what is one of the fastest growing Philadelphia suburbs and that area has become a major retail hub for eastern Chester County and southern Delaware County. It’s also an affluent community. The average household income is $120,200 within a five-mile radius of the center.

Pension fund advisers, real estate investment trusts and off-shore capital are likely investors to consider picking up a property such as this. CBRE Inc. is handling the transaction.

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