A Conshohocken-based real estate investment and development firm RW Partners partnered with Vastgood Properties to acquire a portfolio of seven Giant supermarket-anchored shopping centers throughout mid-to-eastern Pennsylvania for $127 million, writes John Jordan for the GlobeSt.com.
The partnership has secured $97 million in acquisition financing from New York City-based Meridian Capital Group.
The portfolio spans a total of 548,482 square feet across all properties and includes Aston Center in Aston, AYR Town Center in McConnellsburg, Creekside Marketplace in Hellertown, Parkway Plaza in Mechanicsburg, Scott Town Center in Bloomsburg, Spring Meadow Shopping Center in Wyomissing, and Stonehedge Square in Carlisle.
The Giant stores represent around 75 percent of the total gross leasable area of the portfolio and generate approximately 80 percent of its revenue. All the properties have long-term leases with Giant supermarket and have renewal options extending decades.
The properties have been managed by Vastgood Properties for the past seven years and will continue to be managed by the same company under the new ownership.
Read more about the acquisition at the GlobeSt.com by clicking here.