Thursday, July 21, 2011

Power Center Sells for $52 Mil in Philadelphia Suburb

"US Realty Associates sold the Ashbridge Square Shopping Center to The Morris Companies for $51.75 million, or about $133 per square foot. The center changed hands with a 7.83% CAP rate, and was a 1031-exchange on the buyer’s side. The sale included the assumption of $38 million in existing debt.

The Ashbridge Square Shopping Center is a 388,016-square-foot suburban power center located at 845 - 983 East Lancaster Avenue in Downingtown, PA. The center was built in 2000 and sits on about 49 acres. A combination of long-term and short-term tenants occupy the facility on triple net leases. Anchor tenants include Home Depot, Staples, and Christmas Tree Shops."

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