Airport Square in Montgomeryville is home to popular retailers like TJ Maxx, Marshall’s, Homegoods and Michael’s. It also includes fast-food chains such as Chipotle and Shake Shack. The nearly 300,000-sq.-ft. property sits at 801 Bethlehem Pike, across from the Montgomery Mall. And now, the bustling strip is being acquired for a sumptuous purchase of $82.5 million. The driver of the acquisition is a fund advised by the New-York based investment firm Wafra Inc., writes Ryan Mulligan for the Philadelphia Business Journal.
An entity affiliated with DWS Real Estate sold the property according to a source. One of the men behind the deal, senior managing director with JLL Jim Galbally, spoke of how Airport Square is rife with opportunities for investors.
“Airport Square represented an opportunity to acquire, arguably, the best power center in Philadelphia [Metropolitan Sustainable Area] MSA, creating an extremely competitive bid process that ultimately generated double digit offers,” he said.
The Wegman’s that occupies a pad at the million-square-foot Montgomery Mall also saw a recent acquisition. It was bought by Pasadena-based ExchangeRight for $22.6 million.
These aren’t the only hotbed purchases happening in Montgomery County. In Jenkintown Baederwood Shoppes on the Fairway sold for an undisclosed amount.
Read more about Montgomery County retail investments in the Philadelphia Business Journal.