The property is the former AMP Corporate Center. Metro Development's president, Michael Grasso, acquired it in 1996 and redeveloped it into the 152,000-sf shopping center.
Swedesford Plaza is located along Rte. 202, adjacent to the 113,000-sf Valley Fair center, which Metro developed in 1992 and sold two years later. The center is also minutes from the King of Prussia Mall and Worthington, a 2.4-million-sf mixed-use development underway by O'Neill Properties.
A 65,000-sf Circuit City, which subleases a portion of its space to Golf Galaxy, anchors Swedesford Plaza along with a 55,000-sf SuperFresh grocery unit. Additional tenants are Cosi, GolfTEC, Citibank, Hair Cuttery and Bike Line. It is currently 97% occupied.
Peter Maggio and Greg Bianchi of Philadelphia-based US Realty, represented Metro Development in the transaction. Maggio tells GlobeSt.com the asking rent rates at the center are between $28 per sf and $30 per sf, triple-net. Donna Drew of Michael Salove Co., also based in Philadelphia, represented Wharton Realty.
Metro Development is unrelated to Metro Commercial Real Estate, a brokerage firm also based in Philadelphia. Michael Grasso heads a dynasty of Philadelphia developers, which includes his sons David Grasso of Grasso Holdings and Joseph Grasso of J. Grasso Properties. US Realty is representing Grasso Holdings in the leasing of its Valley Square Lifestyle Center in Warrington and the 1601 Vine St. mixed-use tower now underway in Center City.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
