CBRE inks $26.55 million sale of two grocery anchored shopping centers in Pennsylvania
POTTSTOWN/READING, PA — CBRE Group, Inc. (CBRE) is pleased to announce that it has brokered the sale of North End Shopping Center, a 102,905 s/f neighborhood center located in Pottstown, Pennsylvania, as well as Madeira Plaza, a 164,917 s/f community center located in Reading, Pennsylvania for a total portfolio purchase price of $26.55 million. Brad Nathanson represented the seller, SIN Ventures, and identified the buyer, Medipower Overseas Co., a multinational real estate group, in the transaction. North End Shopping Center, 94% occupied at the time of closing, is anchored by Redner’s Warehouse Market, CVS, Dollar General and PA Wine & Spirits. Headquartered in Reading, Redner’s is a regional supermarket chain with 45 stores in Pennsylvania, Delaware and Maryland. Madeira Plaza, 100% occupied at the time of closing, is also anchored by Redner’s Warehouse Market as well as Big Lots, Office Max, Rite Aid and Dollar General. “Both shopping centers are well performing, in-fill mature grocery anchored centers, the focus of what most investors want in today’s marketplace. The attraction to the assets came from the stability of the historical occupancy of the grocery anchors for over 13 years coupled with the continued growth of the housing markets in Western Montgomery County and Berks County along the Route 422 corridor,” said Nathanson, executive vice president with CBRE’s Capital Markets Group.