Friday, December 16, 2011

Willow Grove shopping center sold

"The Real Estate Equity Co. of Englewood, N.J., has acquired the Best Buy shopping center in Upper Moreland for $14.6 million.

The 71,000-square-foot shopping center is also home to Pier 1 Imports. The acquisition was partly financed by The Provident Bank in Iselin, N.J.

The company, also known as TREECO, owns or has interest in 20 properties in New Jersey, Pennsylvania, Florida and New York.

Additional coverage:
"Goodman Properties sold the Best Buy Shopping Center at 1130 - 1134 Easton Rd. in Willow Grove, PA to The Real Estate Equity Company LLC for $14.6 million, or about $200 per square foot.

The 72,934-square-foot retail property sits on about 6.6 acres and boasts a parking ratio of 4.74. In addition to the anchor tenant, Best Buy, the building is also occupied by Pier 1 Imports. The shopping center is located less than one half mile from of the Pennsylvania Turnpike."

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