8A — October 27 - November 9, 2017 — M id A tlantic

Real Estate Journal


S hopping C enters

E 359,673 s/f SC located at 229 West Lincoln Highway CBRE arranges sale of Whiteland Towne Center in Exton, PA

xton, PA — CBRE has arranged for the sale ofWhiteland Towne Center, a 359,673 s/f shopping center located at 229West Lin- coln Highway in Exton. CBRE’s Brad Nathanson, Bill Tourtellotte, KevinMc- Clernon and John Colussi represented the seller, an affiliate of Equus Capital Partners , and identified the buyer, a joint venture between G orman & Company and Abrams Realty & Develop- ment . Built in 1988, Whiteland Towne Center is positioned

Whiteland Towne Center

at one of the major retail intersections serving all of Chester County, Rte. 30 and Rte. 100. Whiteland Towne Center is shadow-anchored by Kohl’s Department Store and Hobby Lobby, which opened in November 2016 following the departure of Acme Markets in 2012. Nathanson said, “The re- cent leasing activity along with Whiteland Towne Cen- ter’s current occupancy of 79 percent provided investors a value-add opportunity to take advantage of the evolving retail market in Exton in an attractive demographic mar- ket with average household incomes exceeding $126,000. With very few sizable oppor- tunities to come to market with superior positioning and comparable demos as White- land, investors were attracted to the prospect to build upon the 26,000 s/f of recent leas- ing and continue to transform the asset in one of the best retail submarkets serving the suburbs of Philadelphia. A perfect marriage existed in the end with the selected pur- chaser. Abrams Realty and Development brings over 20 years of retail expertise in developing and operating over 2.5 million s/f within the MSA coupled with Gorman & Company, the original devel- opers of the largest office park within the Exton submarket, Oaklands Corporate Center, at over 2 million s/f.” “We are obviously bullish on Exton,” said Jim Gor- man , principal of Gorman & Company. “Whiteland Towne Center represents an opportu- nity to reposition an asset we know well, in a great township with an increasing demand for more services. Abrams is the perfect partner to help us execute this.” n

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