Philly Investor Nabs Shopping Center in the Metro
- Oct 05, 2017
A joint venture between Abrams Realty & Development and Gorman & Co. purchased Whiteland Towne Center in Exton, Penn. The 359,673-square-foot shopping mall was sold by an affiliate of Equus Capital Partners. CBRE’s Brad Nathanson, Bill Tourtellotte, Kevin McClernon and John Colussi represented the seller in the transaction. Abrams Realty & Development affiliate ARD MacArthur LLC recently purchased another metro Philadelphia retail center for $14.3 million.
“A perfect marriage existed in the end with the selected purchaser. Abrams Realty & Development brings over 20 years of retail expertise in developing and operating over 2.5 million square feet within the MSA coupled with Gorman & Company, the original developers of the largest office park within the Exton submarket, Oaklands Corporate Center, at over 2 million square feet,” said Brad Nathanson, executive vice president at CBRE’s Philadelphia office, in a prepared statement.
High-density for retail
Whiteland Towne Center is located on a 10-acre lot at 229 W. Lincoln Highway in Exton, Penn., approximately 30 miles from downtown Philadelphia. The intersection between Route 30 and Route 100 serves as a major retail area that boasts a median household income of over $90,000 within a three-mile radius, while daily traffic counts more than 35,000 vehicles. The property is currently 79 percent leased and anchored by national retailers such as Party City, Big Lots, Total Hockey, Famous Footwear, Petco and a CVS Pharmacy now under construction.
“Whiteland Towne Center represents an opportunity to reposition an asset we know well, in a great township with an increasing demand for more services. Abrams is the perfect partner to help us execute this,” said Jim Gorman, general partner at Gorman & Co., in a prepared statement. Abrams Realty & Development will also handle managing and leasing operations on behalf of the partnership.
Image courtesy of CBRE