January 17, 2020 Comments Off on Medipower Snares Grocery-Anchored Retail in Philly Suburbs Views: 404 National News, Northeast, Pennsylvania

Medipower Snares Grocery-Anchored Retail in Philly Suburbs

Marcus & Millichap’s Institutional Property Advisors (IPA) arranged the sale of Centre Square Commons, a 88,598-square-foot grocery-anchored specialty retail shopping center in Blue Bell, PA. The property traded for approximately $40 million.

IPA senior managing director Brad Nathanson represented the seller, Kinsley Properties, and identified the buyer, Medipower Overseas Co., a full-service commercial real estate company specializing in retail real estate across the Northeast and in Canada’s major markets.  IPA Capital Markets’ Michael Helpern and Christopher Marks arranged the debt on behalf of the buyer.

“The property is a best-of-class asset at the crossroads of one of the wealthiest submarkets in the Philadelphia metro area,” said Nathanson. “At the time of the sale, the center was 96% occupied by a strong lineup of service-oriented tenants and restaurants, anchored by a 22,450-square-foot Aldi Supermarket.”

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