Aldi-anchored Centre Square Commons shopping center in Blue Bell has been sold for $40 million to Medipower Overseas, a Cyprus-based real estate company, writes Natalie Kostelni for the Philadelphia Business Journal.
The 88,598-square-foot property was sold by Kinsley Properties, which co-developed it three years ago with Madison Development Group of Blue Bell.
The center set on 22 acres is currently 96 percent occupied.
This is the last in a series of sales of grocery-anchored shopping centers.
“Between 2015 and 2017, there were 32 grocery-anchored centers that had traded,” said Brad Nathanson, a broker with IPA who arranged the Centre Square Commons sale.
Sales slowed down in 2018, but last year picked up again.
Centre Square Commons has all the characteristics Medipower looks for in an investment. In addition to Aldi, the property’s tenants include a Fine Wine & Spirits, Starbucks, and Zoe’s Kitchen, among others.
“Centre Square Commons in Blue Bell was the perfect storm,” said Nathanson. “It was built in 2017 and was comprised of what investors want today, which is service, grocery, wine, fitness, and restaurants with little to no apparel.”
Read more about Centre Square Commons at the Philadelphia Business Journal by clicking here.