Centre Square Commons, Blue Bell, PA
BLUE BELL, PA— Medipower Overseas Co. of Cyprus has acquired the nearly fully-occupied Centre Square Commons shopping center here from Kinsley Properties for approximately $40 million.
The 88,598-square-foot grocery-anchored shopping center was 96% occupied at the time of the sale, according to Institutional Property Advisors. Brad Nathanson, IPA senior managing director, represented Kinsley Properties and identified the buyer, Medipower Overseas Co., in the transaction. IPA Capital Markets' Michael Helpern and Christopher Marks of New York City arranged the debt financing on behalf of Medipower.
Developed in 2017 as one of only a handful of new grocery-anchored shopping centers delivered in the past few years in the greater Philadelphia suburbs, Centre Square Commons is located on the corner of Route 202, and Route 73 in the heart of Blue Bell. The property is anchored by a 22,450-square-foot Aldi Supermarket.
"The pride of ownership on a generational asset, the success of the lease-up, fine aesthetics of first-class construction, and internet-proof tenancy created strong demand from national investors to own Centre Square Commons," Nathanson says.
Centre Square Commons' tenant roster includes a 10,816-square-foot Pennsylvania Fine Wine & Spirits Signature Premium Store, Starbucks, Zoe's Kitchen, Anthony's Coal Fired Pizza, Turning Point, Hand & Stone Massage, Lash Lounge, Jersey Mike's, Barre 3 Yoga, Verizon and Vist Bank.
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John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
