Providence Town Center, the open-air shopping center anchored by Wegmans in Collegeville, has hit the market, writes Natalie Kostelni for the Philadelphia Business Journal.
The 760,000-square-foot property that is currently owned by Brandolini Company is expected to sell for upwards of an estimated $160 million.
The retail center is positioned on 80 acres.
The Wegmans store on the property rings up over $100 million in annual sales, which is in line with other Wegmans locations throughout the region. The grocer’s lease on the 133,589-square-foot space runs until July 2029, with several extension options available.
The center is currently 92 percent leased, with other tenants that include Movie Tavern, Best Buy, and L.A. Fitness. There’s also a bookstore, HomeGoods, Ann Taylor, various restaurants like Kumo and Panera, and children’s toy and clothing stores.
Brandolini finished the construction of the center at the start of the Great Recession.
This slowed down the pace of its lease-up, however, the company did manage to sign Wegmans and several other big-box tenants such as Dick’s and L.A. Fitness even in the depths of the recession.
Today, the Providence Town Center ranks among the region’s top open-air centers with 3.3 million annual visits.
Read more about Providence Town Center in the Philadelphia Business Journal.
Check out a birds-eye view from Grant Street Productions’ video.