Tuesday, August 2, 2016

Two Suburban Philadelphia Retail Properties Change Hands In $21M Deal

by Steve Lubetkin, Globest.com
A Verizon Wireless store in King of Prussia, PA and Walgreens Pharmacy in Lansdowne have changed hands for a combined price of $20.615 million.

A joint venture of Pike 705, a private investor, and Florida-based OneCorp sold the 6,000 square-foot Verizon store, located at 715 W. Dekalb Pike to CFC KOP Properties, a locally based 1031 exchange investor affiliated with Clemens Food Group, according to data obtained from Real Capital Analytics, a proprietary research firm. Built in 2015, the Verizon store is directly across from the main entrance to the King of Prussia Mall. It sold for $11.1 million, or $1,850 per square foot.

“The location of the Verizon store in King of Prussia is simply irreplaceable real estate which demands pricing at the highest end of the market,” says Gorman.

The seller was S&P (Simon & Peterson) Lansdowne in the Walgreens sale to C&H Investment Company, according to Real Capital Analytics. The 14,800 square-foot Walgreens, a 2016 redevelopment of a historical bank branch located at 2 W. Baltimore Ave. in Lansdowne, PA, sold for $9.515 million, or $643 per square foot.

“At the time of the sale, the property in Lansdowne was the only new 20-year Walgreens Pharmacy available within the Philadelphia MSA.Through our national marketing process we were able to attract the buyer from the greater Los Angeles, CA area."

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