The new King of Prussia Town Center , a project of The JBG Companies, will not be part of JBG’s planned merger with New York REIT, writes Natalie Kostelni for the Philadelphia Business Journal.
The retail complex JBG is constructing at the Village of Valley Forge in King of Prussia is one of close to three dozen properties the company will be holding onto, as it does not fit the strategy of the post-merger company that will focus primarily on New York and the Washington D.C. areas.
Some of the assets being withheld are located in markets considered non-core by the new company, while others are only partially owned by JBG in a partnership or fund with other investors. In addition, a number of properties are already under agreement.
The King of Prussia Town Center is JBG’s first entry into the Philadelphia market with the 230,000-square-foot retail complex situated within a 125-acre mixed-use development off North Gulph Road.
JBG has not yet commented on its plans for the project.
Read more about the merger in the Philadelphia Business Journal by clicking here.
