Suburbia Shopping Center in Pottstown recently sold to Lancaster-based High Real Estate Group for $27 million, writes Paul Schwedelson for the Philadelphia Business Journal.
The 26-acre shopping center, located at 80 Glocker Way off Route 100, is anchored by a Giant grocery store, with other tenants including Dollar Tree, Starbucks, UPS Store, and Tower Health. Built in 2003, the property spans 154,219 square feet and is currently 85 percent leased. Giant extended its lease as part of the sale.
According to High Real Estate Group Senior Vice President Powell Arms, the firm intends to leverage Giant’s extension in an effort to bring in more tenants.
East Norriton-based Gambone Management, which was represented by JLL’s Jim Galbally and Patrick Higgins, was the seller.
“Suburbia Shopping Center represented a rare opportunity to acquire a value-add grocery anchored shopping center in the Philadelphia MSA,” said Galbally. “The strong anchor tenancy in Giant, and potential for lease-up and rent growth, made this an attractive investment.”
High Real Estate Group owns a diverse mix of property types, including office, retail, residential, and hotel properties.
Read more about Suburbia Shopping Center being purchased for $27 million in the Philadelphia Business Journal.
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