A venture between Maryland’s Finmarc Management and KPR Centers of New York has bought Providence Town Center in Collegeville for $161.75 million, writes Natalie Kostelni for the Philadelphia Business Journal.

The new owners are planning to revamp parts of the 760,000-square-foot retail center to attract more tenants and shoppers.

The open-air retail property is situated on 82 acres off Route 422 and Route 29. It was sold by Berwyn real estate company Brandolini Cos., which developed the property.

The center is anchored by a Wegmans which has more than $100 million in annual sales at that location.

The grocery store has a lease that runs through July 2029.

The property is 92 percent occupied by 70 tenants, such as Zoe’s Kitchen, The Movie Tavern, Best Buy, and L.A. Fitness.

“We really like the demographics around the center,” said Neil Markus, principal at Finmarc.

Those demographics include companies that have office space nearby, including Pfizer and Dow Chemicals, as well as the area’s residential development.

Several single-family communities and multifamily projects have been constructed around the center with more on the way.

“We think it’s great,” said Markus.

Read more about the sale in the Philadelphia Business Journal.