JBG Rosenfeld Retail Properties sold the open-air shopping center at 131 Town Center Rd. in King of Prussia, PA to a fund led by CBRE Global Investors.
The newly-constructed, 263,423-square-foot retail center was 87 percent leased at the time of sale and features a walkable urban design combining a mix of necessity and experiential retailers in a town-center setup. The property is shadow-anchored by a Wegmans grocery store and is located in the King of Prussia / Wayne submarket of Montgomery County.
"King of Prussia Town Center is a one-stop shopping and dining destination located on the border of Pennsylvania’s wealthiest counties, serving some of the nation’s most affluent and well-educated populations," said Kim Hourihan, portfolio manager with CBRE Global Investors on the submarket's average household income of more than $130,000. "The combination of attractive demographics and exceptional accessibility makes the property the ideal location for retailers and restaurants alike. As e-commerce has disrupted traditional retailers, necessity retail and destination restaurants drive daily traffic, enhance the shopping experience and offer protection against e-commerce risks affecting other retailers."
The property is part of a 122-acre, master-planned, mixed-use development. The center was JBG's only development in suburban Philadelphia, and its sale marks the firm's effective exit from the region.
www.omegare.com
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