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Lutz Sells Bradford Plaza to JV for $27M

WEST CHESTER, PA-Urdang and Tristate Ventures are members of the buyer-partnership that acquires the 140,000-sf center following a $15-million repositioning.

By Marita Thomas | Updated on April 18, 2007

WEST CHESTER, PA-Lutz Real Estate Investments has sold Bradford Plaza, a 140,000-sf shopping center on Downingtown Pike, to a partnership of Philadelphia-area companies for just shy of $27.3 million, or about $195 per sf. The sale includes four adjacent acres of developable land.

The buying partnership, named UCM/TSV-Bradford Plaza LP, includes Plymouth Meeting-based Urdang Capital Management and Tristate Ventures. The latter is a subsidiary of Fameco Real Estate, which represented Lutz in the disposition.

The center was built in 1990. Farmington Hills, MI-based Lutz acquired it in 2001 for an undisclosed price and invested more than $15 million to reposition the asset and add nearly 20,000 sf. The renovation included the replacement of a 43,500-sf supermarket with a 70,000-sf Giant Food Store, which has leased the space for a 20-year term, and the addition of 8,000 sf next to the supermarket. Lutz also added a new parking lot, signage, sidewalk facade and retaining wall along Route 322.

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