Whiteland is 97%-occupied and anchored by Kohl's and Acme, which are owned by a national retail REIT and, together, account for 142,000 sf. The remaining 214,000 sf was purchased by BPG. Tenants include Marshall's, TJ Maxx, Good's Furniture, Party City, Drug Emporium and Famous Footwear.
Whiteland was completed in 1988. It is located at the corner of PA 100 and US 30 in Chester County, one of the fastest-growing counties in the state.
The seller is Atlanta-based Whiteland Associates, Ltd., and the property was managed by Atlanta-based Ronus Properties. BR Management, a BPG subsidiary, will now manage the center.
Calling Whiteland "a top quality physical asset generating strong cash flows," Elizabeth Owens, senior vice president of BPG, says in a printed statement, "We believe that we can add considerable value to the propertythrough a very proactive management and leasing program."
The Whiteland purchase marks BPG's fourth investment in the Philadelphia region on behalf of Fund V and its first acquisition of an existing retail center.
First Fidelity Companies of Atlanta represented the seller. Aegis Realty Consultants of Philadelphia handled the transaction for BPG.
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