Southampton Shopping Plaza Sells for $20.3M

"A joint venture of Katz Properties and Paragon Realty Group purchased the Southampton Shopping Plaza in Southampton, PA, from a private seller for $20.25 million, or $137 per square foot.

Located on the Second Street Pike, the shopping center boasts a total of 147,639 square feet on just over 29 acres. Being 89% occupied, this property includes tenants such as Giant Food, Rite Aid and The UPS Store.

"The Giant supermarket is among the top performing grocers in the local market with increasing sales year after year," said Eric Wolf of Katz Properties. "We will aggressively target leasing the vacant spaces to quality retailers that will complement the products and services already offered by our existing tenants."

The new owners intend to update the plaza with a new facade and signage. Adding to its inventory, Katz Properties also recently purchased shopping centers in Maryland, Connecticut and New York."