SITE Centers Sells Pennsylvania Power Center – Commercial Property Executive

by John Carlucci - December 29, 2022


Ashbridge Square. Image courtesy of Institutional Property Advisors

Kahn Development Corp. and J. Loew & Associates have acquired Ashbridge Square, a 386,248-square-foot power center in Downingtown, Pa. SITE Centers was the seller, according to CommercialEdge data.

Institutional Property Advisors, a division of Marcus & Millichap, brokered the deal. Managing Director Brad Nathanson represented the seller and procured the buyer.

SITE Centers purchased the multi-tenant property for $46.9 million in 2020, the same source shows. In 2019, the asset became subject to a $102.1 million loan originated by Wells Fargo Bank.

Completed in 2000, Ashbridge Square comprises five buildings spread across a 49-acre site. Anchored by Home Depot, the retail center was 88 percent leased at the time of the sale. Nathanson said in prepared remarks that the center’s tenant roster includes new leases with Dollar Tree, Staples, Ashley Furniture and Chick-fil-A, among others.

Located at 845 East Lancaster Ave., Ashbridge Square is near the conjunction of Route 30 and East Lancaster Ave., in an area where the traffic count can reach 19,456 vehicles daily.

IPA recently brokered another transaction in Pennsylvania. Prasavi Inc. acquired a 410,432-square-foot shopping center, for $66.5 million. The brokerage procured the buyer and negotiated on behalf of the seller, Cedar Realty Trust.



Source link

MOST RECENT
Office Sector to Continue Shifting in 2023 – Commercial Property Executive
The office sector’s future remains uncertain nearly three years after the pandemic disrupted the industry. Although some companies became more ...
Lawsuit to overturn Huizar-approved permits goes to court
AIDS Healthcare Foundation’s Jonathan Eisenberg (NBCLA, Getty, Works Progress Architecture) A legal challenge at the state’s highest court could imperil ...
Singer-songwriter Ty Segall settles into a Topanga treehouse
Garage-rock artist Ty Segall is parking himself in the hills of Topanga, where he’s bought an architectural treehouse for $1.3 ...
What Lies Ahead for the Office Sector in 2023 – Commercial Property Executive
Image by alvarez/iStockphoto.com The past year brought many changes to the office sector, largely dictated by shifting work model strategies ...
Herbalife’s Dick Marconi lists animal-filled retreat for $23 million
For the last three decades, Dick Marconi has been crafting a private paradise in the hills of San Juan Capistrano, ...
1 2 3 173
logo
Prudential Cal strives to provide the most detailed information about the real estate industry. We assist people in making the best decisions possible by offering unique insights into the global real estate market and advice for both homebuyers and sellers.
Quicklinks
Additional Information
Copyright © 2023 Prudential Cal. All Rights Reserved.
DMCA.com Protection Status
linkedin facebook pinterest youtube rss twitter instagram facebook-blank rss-blank linkedin-blank pinterest youtube twitter instagram