CBRE arranges two PA retail center sales totaling 379,272 s/f
Including Water Tower Square in Montgomeryville
PENNSYLVANIA — CBRE arranged the sale of two Pennsylvania shopping centers totaling 379,272 s/f, including Water Tower Square in Montgomeryville and Dickson City Commons in Dickson City.
In Montgomeryville, ECHO Realty and TPG acquired the 269,018 s/f Water Tower Square from The Goldenberg Group through a newly formed joint venture, marking the partnership’s first acquisition.
Chris Munley, Colin Behr, Ryan Sciullo and Casey Smith of CBRE’s National Retail Partners team represented the seller.
Located at 751 Horsham Rd. near the Five Points intersection of U.S. Rte. 202, PA Rte. 309 and PA Rte. 463, Water Tower Square is anchored by The Home Depot and Sprouts Farmers Market. Other tenants include Planet Fitness, Flagship Cinemas, Bob’s Discount Furniture, World Market and Miller’s Ale House.
“Water Tower Square offered investors the opportunity to acquire a best-in-class shopping center in a dominant Philadelphia MSA retail corridor, anchored by a unicorn tenant in Home Depot,” Behr said. “The transaction further underscores the strength of the region, serving as the first acquisition for the new Echo Realty and TPG venture and highlighting continued demand from new institutional capital.”
Munley credited The Goldenberg Group with strengthening the asset by securing Sprouts Farmers Market as a new anchor and enhancing the center’s long-term fundamentals.
In Dickson City, Getty Corp. acquired the 110,254 s/f Dickson City Commons from Meritus Realty Ventures. Munley, Behr, Sciullo and Smith also represented the seller in the transaction.
Located at 1106 Commerce Blvd. in the Scranton-Wilkes-Barre metropolitan area near I-81, U.S. Rte. 6 and Rte. 11, the center is anchored by Marshalls and Michaels. Other tenants include Skechers, Famous Footwear, Pet Supplies Plus and Fine Wine & Good Spirits.
Munley said Meritus Realty Ventures repositioned the property and improved its value ahead of the sale.
