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.
Source: Philadelphia
Business Journal
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