ExchangeRight — a real estate investment trust (REIT) in Pasadena, Calif. — has acquired the North Wales Wegmans site at Montgomery Mall. Ryan Shallow and Natalie Kostelni reported the $22.6 million transaction in the Philadelphia Business Journal.
The selling entity was Kohan Retail Investment Group, a New York-based investment group that purchased Montgomery Mall last month for $55 million in a foreclosure sale.
The transaction fits well within the ExchangeRight stated strategy of purchasing grocery-anchored shopping centers with “investment-grade or equivalent-credit grocery anchors, strong operations/store sales, and strong retail locations,” as quoted from the company website.
The trend of selling individual parcels of a larger entity — especially by grocery-store tenants — has proven a workable strategy for real estate investors like ExchangeRight, as evidenced by a another recent, Montgomery County transaction. United Hampshire U.S. REIT, a Singaporean real-estate firm, acquired the Giant-anchored Upland Square in Pottstown earlier this year.
More on the sale of the North Wales Wegmans is at the Philadelphia Business Journal.
