Pottstown Plaza, a shopping center that has suffered
several setbacks over the years, has sold.
Terms of the transaction were not disclosed.
The Cotswold Group Inc. of Harrison, N.Y., bought the
160,000 square-foot center that sits on 17 acres at 799 State St. in Pottstown,
Pa. Kevin McClernon and Peter Stevens of CBRE Inc. represented Cotswold and the
seller, Hudson Advisors.
The property was constructed in 1989. It has 63,000
square feet of vacant space that was brought on by the construction of Upland
Square, a nearby shopping center that was constructed in 2009 and gave
retailers an option that was newer and in the same market.
A Giant that used to anchor Pottstown Plaza vacated in
2009 and the space has remained dark ever since. A TJ Maxx used to occupy a
portion of the center but it move to Upland Square and that space has also
remained empty. Tractor Supply, Applebees, Fulton Bank and Dominos Pizza are
currently tenants in the property.
Kimco Realty acquired Pottstown Plaza in April 2004 for
around $15 million, according to Securities and Exchange Commission documents.
This is the eighth shopping center Cotswold has bought in
the Philadelphia area, said Robert Y. Shasha, who runs the New York real estate
company. It owns two community centers in Bucks County, such as the Village at
Newtown, and some centers in Northeast Philadelphia.
The company likes to buy "high quality lemons to
turn into lemonade," Shasha said. Pottstown Plaza fits that criteria.
To that end, the company plans to invest in some exterior
improvements to the center to boost its curb appeal and try to fill up the
vacancies, he said. A budget is still being worked out for how much the company
plans to spend.
In the meantime, Cotswold continues to look in the
Philadelphia market for additional acquisitions.
Source: Philadelphia
Business Journal
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