The Quarry Center at 116 Township Line Road in Havertown has been sold for more than $80 million to Ohio-based Mid-America Management, writes Paul Schwedelson for Philadelphia Business Journal.
The price paid is one of the highest in the Philadelphia region in recent years for a grocery-anchored shopping center.
The 31-acre, 222,500-square-foot shopping center, anchored by Giant and Lowe’s, was sold by developer Eureka Ventures after it put the retail property on the market four months ago.
The sales price works out to be $360 per square foot. Giant and Lowe’s account for 77 percent of the property’s income.
Mid-America Management is an investment firm based outside Cleveland. It owns a $1 billion portfolio of more than 50 retail, industrial, and residential properties.
The Quarry Center has been fully occupied by all of its original tenants since it was built in 2013. Those tenants include an Xfinity Store, Panera Bread, and Chipotle.
Quarry Center is “an irreplaceable retail asset near Philadelphia’s Main Line, an area widely recognized for its affluence, stability and outsized market performance,” said Colin Behr of CBRE, who represented Eureka Ventures in the sale, with three others.
Eureka is made up of several local family investors.
Read more about the Quarry Center sale in the Philadelphia Business Journal.
