Upland Square, a grocery-anchored shopping center in Pottstown, has been sold for $85.7 million to United Hampshire U.S. Real Estate Investment Trust, writes Natalie Kostelni for the Philadelphia Business Journal.
The Singaporean real estate firm that invests in grocery-anchored retail acquired Upland Square from Paramount Realty. The purchase expanded the firm’s Philadelphia footprint.
The 400,674-square-foot center is currently fully occupied. It has 35 tenants, with Giant, TJ Maxx, Ross, Burlington, Ulta, and Ashley Furniture serving as its anchors.
Upland Square was developed by a partnership that included Cedar Shopping Center. When it opened in 2009, the center stretched over 686,000 square feet and had Giant, TJ Maxx, and AMC Theatres as tenants.
When Paramount decided to put the center on the market last year, it left out the AMC and several other parcels, including Starbucks, Aspen Dental, and Chili’s. This cut the size of what was offered for sale to 400,674 square feet.
At the time, selling a shopping center with a movie theater was a challenge. However, recent blockbusters indicate that a recovery in that segment of entertainment may be on the way.
Read more about Upland Square in the Philadelphia Business Journal.