• MAREJ

CBRE arranges sale of Whiteland Towne Center in Exton, PA


Exton, PA — CBRE has arranged for the sale of Whiteland Towne Center, a 359,673 s/f shopping center located at 229 West Lincoln Highway in Exton. CBRE’s Brad Nathanson, Bill Tourtellotte, Kevin McClernon and John Colussi represented the seller, an affiliate of Equus Capital Partners, and identified the buyer, a joint venture between Gorman & Company and Abrams Realty & Development. Built in 1988, Whiteland Towne Center is positioned at one of the major retail intersections serving all of Chester County, Rte. 30 and Rte. 100. Whiteland Towne Center is shadow-anchored by Kohl’s Department Store and Hobby Lobby, which opened in November 2016 following the departure of Acme Markets in 2012. Nathanson said, “The recent leasing activity along with Whiteland Towne Center’s current occupancy of 79 percent provided investors a value-add opportunity to take advantage of the evolving retail market in Exton in an attractive demographic market with average household incomes exceeding $126,000. With very few sizable opportunities to come to market with superior positioning and comparable demos as Whiteland, investors were attracted to the prospect to build upon the 26,000 s/f of recent leasing and continue to transform the asset in one of the best retail submarkets serving the suburbs of Philadelphia. A perfect marriage existed in the end with the selected purchaser. Abrams Realty and Development brings over 20 years of retail expertise in developing and operating over 2.5 million s/f 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 s/f.” “We are obviously bullish on Exton,” said Jim Gorman, principal of Gorman & Company. “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.”

#CBRE #EXTON #PENNSYLVANIA #WHITELANDTOWNECENTER #BRADNATHANSON #BILLTOURTELLOTTE #KEVINMCCLERNON #JOHNCOLUSSI

33 views

Phone: 781.740.2900| Fax: 781.740.2929 

© Copyright 2014 Mid Atlantic Real Estate Journal. All Rights Reserved.