The Valley Gate shopping center in Warrington has been sold to Conshohocken-based real estate firm CenterSquare Investment Management for $15.5 million, writes Paul Schwedelson for the Philadelphia Business Journal.
The seller of the 32,200-square-foot shopping center at 201-281 Easton Road was Philadelphia-based Metro Development.
At about $481 per square foot, the price is more than double that of other recent retail sales in the Philadelphia region.
Built in 2015, the property is home to several tenants including Sport Clips, T-Mobile, Visionworks, Crumbl Cookies, as well as Buffalo Wild Wings. It consists of two buildings on opposite sides of Metro Drive.
CenterSquare targets essential service retail that is “e-commerce-resistant,” supported by a tenant mix of food and beverage, fitness, beauty, medical, and service providers.
“Valley Gate fits squarely within our strategy of acquiring high-quality neighborhood retail centers that service everyday consumer needs,” said CenterSquare Vice President Megan Varano. “Warrington’s strong household incomes and dense residential base create an attractive environment for necessity-based retail concepts.”
Valley Gate is located just off Route 611 and roughly four miles north of I-276.
Read more about the Valley Gate shopping center’s sale to CenterSquare Investment Management in the Philadelphia Business Journal.
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