M id A tlantic Real Estate Journal — Shopping Centers —ICSC PA/NJ/DE Idea Conference & Deal Making —— August 25 - Sept. 14, 2017— 17C
www.marejournal.com
orth Wales, PA — CBRE has ar - ranged the sale of The Gorman and Shover arrange sale of Bassett Furniture store in King of Prussia, PA CBRE orchestrates sale of The Shoppes at English Village in North Wales, Pennsylvania N ICSC PA/NJ/DE I dea C onference & D eal M aking
ment in one of the best retail markets in the country,” said Gorman. “We were pushing for and achieved a sub-6 percent cap rate which is leading edge pricing for the furniture seg- ment of the industry.” Shover added, “Through our extensive marketing process we were able to generate na- tional and international inter- est in the asset from both in- stitutional and private equity sources. In the end, we selected an all-cash fund comprised of foreign equity investors who successfully closed on the transaction without issue.” n
Kingof Prussia, PA — CBRE announced that its Net Lease investment sales team, led by MatthewGorman and Michael Shover , has success- fully arranged for the sale of a Bassett Furniture store lo- cated at 611 West Dekalb Pike in King of Prussia. The 18,000 s/f property was acquired by Matrix Real Estate Hold- ings for a purchase price of $11.75 million, or $652 psf. CBRE represented the seller, OneCorp, throughout the mar- keting and sales process. “We were excited about another high-profile assign-
Shoppes at English Village, a 103,188 s/f destination life- style center located at 1460 Bethlehem Pike in North Wales. The CBRE team of Brad Nathanson , executive vice president, and John Colussi , sales associate, negotiated on behalf of the seller, Stanbery Development , and identi- fied the buyer, MetLife Real Estate, during the transaction. Built in 2003 as one of the first lifestyle centers serving affluent Montgomery County within the Philadelphia MSA, The Shoppes at English Vil- lage historically has been very successful with high 90 per- cent average occupancy and a best of class roster tenancy, anchored by a top performing Trader Joes, one of only two locations for the tenant in Montgomery County. “The past 24 months have been dynamic at the property level with a heavy transfor- mation away from apparel to service oriented retailers that overall drive foot traffic to the property,” said Nathanson. “With the addition of Core- Power Yoga, CycleBar, Turn- ing Point, Anthony Vince Nail Spa, Scout & Molly’s and J. CrewMercantile, the shopping center was refined for an even better shopping experience for its customers. Defining the re- cent leasing is the most recent signing with Sephora to take the 5,522 s/f unit immediately next to Trader Joe’s, which should redefine the shopping center for years to come. Ulti- mately the original developer capitalized on that re-leasing strategy with a national insti- tutional audience that saw the positive attributes of what is a best in class trophy shopping center,” Nathanson added. The Shoppes at English Vil- lage is strategically located on Rte. 309 with over 48,000 cars per day in North Wales, Pennsylvania and shares a sig- naled intersection and access road with Gwynedd Crossing, a 125,000 s/f shopping center anchored by Staples, Petco, and AMC Theatres under redevelopment, as well as the Addison at English Village, an award-winning, 598-unit apartment complex. MetLife Real Estate has re- tained CBRE’s asset services team to manage the property.
The Shoppes at English Village
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Going to ICSC PA/NJ/DE Conference & Deal Making? A10 Capital will be in booth #341 September 13, 2017 at the Atlantic City Convention Center in Atlantic City, NJ. Contact Greg Roukema to schedule an appointment now to meet during the show. Greg Roukema Executive Vice President Office - 208.577.5077 Mobile - 201.650.8059 groukema@a10capital.com ● www.a10capital.com ● twitter: @a10capital
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