Institutional Property Advisors Brokers $85.7 Million Grocery-Anchored Power Center Sale
August 02 2022 - 6:04PM
Business Wire
Institutional Property Advisors (IPA), a division of Marcus
& Millichap (NYSE:MMI), announced today the sale of Upland
Square, a 400,716-square-foot retail shopping center in Pottstown,
Montgomery County, Pennsylvania at a purchase price of $85.7
million. AMC Theatre as well as the freestanding pads were not
included in the sale.
“Anchored by a 76,500-square-foot Giant Food Stores, the market
share leader in Pennsylvania, and shadow-anchored by a
147,071-square-foot Target, Upland Square is one of the largest and
most successful grocery-anchored power centers in the Philadelphia
MSA with over 4.1 million visitors in the trailing 12 months,” said
Brad Nathanson, IPA senior managing director investments. “More
than 60% of the center is tenanted by national industry leaders
such as Burlington, LA Fitness, Five Below, Ross, Bed Bath &
Beyond, Staples, TJ Maxx, Petco, and Ulta Beauty.” Nathanson
represented the seller, Lakewood, New Jersey-based Paramount Realty
Services Inc. and procured the buyer, United Hampshire US REIT. MCB
Real Estate was retained for property management.
Built in 2009 and expanded in 2019, Upland Square is located on
Route 100/Pottstown Highway, two miles north of Route 422, a major
east-west corridor between two regional employment hubs, King of
Prussia and Reading. The retail plaza draws from a population of
approximately 200,000 people with an average annual household
income over $105,000 within a 10-mile radius. The property
experienced tremendous leasing velocity in recent years, bringing
in 11 new tenants totaling over 134,000 square feet, displaying
superior positioning as a regional retail magnet. Sean Beuche,
license no. RM424190 is Marcus & Millichap’s broker of record
in Pennsylvania.
About Institutional Property Advisors (IPA)
Institutional Property Advisors (IPA) is a division of Marcus
& Millichap (NYSE:MMI), a leading commercial real estate
services firm in North America. IPA’s combination of real estate
investment and capital markets expertise, industry-leading
technology, and acclaimed research offer customized solutions for
the acquisition, disposition and financing of institutional
properties and portfolios. For more information, please visit
www.institutionalpropertyadvisors.com
About Marcus & Millichap (NYSE:MMI)
Marcus & Millichap, Inc. is a leading brokerage firm
specializing in commercial real estate investment sales, financing,
research and advisory services with offices throughout the United
States and Canada. As of December 31, 2021, the company had 1,994
investment sales and financing professionals in 82 offices who
provide investment brokerage and financing services to sellers and
buyers of commercial real estate. The company also offers market
research, consulting and advisory services to clients. Marcus &
Millichap closed 13,255 transactions in 2021, with a sales volume
of approximately $84.4 billion. For additional information, please
visit www.MarcusMillichap.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20220802006158/en/
Gina Relva, VP of Public Relations
Gina.Relva@marcusmillichap.com
Marcus and Millichap (NYSE:MMI)
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