King of Prussia’s newest retail destination, the 263,423-square-foot Town Center has been purchased by a fund sponsored by CBRE Global Investors, writes Natalie Kostelni for Philadelphia Business Journal.

King of Prussia Town Center at 155 Village Drive is part of the Village at Valley Forge, a mixed-use development that will eventually also include between 2,000 and 2,500 residential units.

The Center has been under development by JBG Cos. for the last two years, and is the company’s first and only project in the Philadelphia region so far.

The Center was put on the market at the beginning of the year, reportedly with a high price tag due to its size and 87 percent occupancy rate.

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Tenants include well known brands such as Nordstrom Rack, City Works, and REI, however, the terms of the sale have not been disclosed.

The same CBRE-affiliated fund that purchased KoP Town Center also owns the Wegmans grocery store which is the shadow-anchor for the retail center.

Work on the Village at Valley Forge is still ongoing with office development one of the final pieces of the project to get executed. Depending on approvals, this could add upwards of 1.5 million square feet in office space.

Read more about the sale at Philadelphia Business Journal by clicking here.

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