Retail Properties of America sells 215,000 sqf mall in Pennsylvania

Retail Properties of America has closed on the disposition of the Town Square Plaza in Pottstown, Pennsylvania. The 215,610 square foot retail center on Town Square Road was built in 2004 and is anchored by a 134,574 sqf Lowe’s Improvement Warehouse, on a long-term ground lease. Other national tenants in the scheme include PetSmart, Michaels, Rite Aid, BB&T Bank, Mattress Firm, Hair Cuttery, LongHorn Steakhouse, AT&T and H&R Block. The CBRE team of Brad Nathanson, Executive Vice President, and John Colussi, Sales Associate, negotiated on behalf of the seller and procured the buyer, Bluejay Management. At the time of the sale the asset was 98 percent leased.
Nathanson said the center attracted interest from investors around the country thanks to its proximity to Philadelphia in Chester County and the presence of national credit tenants. Terms of the sale were not disclosed.