Mi-Atlantic Realty Trust purchased the center, which is anchored by a 57,000-sf Giant Food supermarket. Other tenants include T.J. Maxx, Applebee's restaurant, Radio Shack, Hair Cuttery, Sally Beauty and CT Farm & Country. The facility was purchased utilizing the REIT's line of credit.
The acquisition brings Mid-Atlantic's shopping-center portfolio to 39 properties, 26 of which were acquired of developed since the REIT's IPO in 1993. Pottstown Plaza is the fifth Pennsylvania center purchased by Mid-Atlantic. All five centers are grocery-anchored.
Mid-Atlantic's holdings total more than five million sf of leasable space and are predominantly located in Maryland Virginia, New York, Pennsylvania, Massachusetts and Delaware. The REIT also owns approximately 81 acres of undeveloped land in parcels varying in size from three to 34 acres.
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