by Steve Lubetkin, GlobeSt.com
A fund advised by CBRE Global Investors has acquired a single-tenant grocery asset in King of Prussia, near Philadelphia.
Located at 1 Village Drive in King of Prussia, Penn., the trophy-quality grocery property has a 25-year ground lease with Wegmans for a 147,456 sq. ft. store. Constructed in 2012, the store is a prototypical design for the dominant grocer, which has 83 stores across the Northeast and is one of the largest private companies in the United States.
King of Prussia is a premier suburban retail submarket in the Philadelphia MSA and one of the most trafficked retail destinations in the Northeast. Immediately adjacent to the property is a high-volume fortress mall. Located at the confluence of I-76 (PA Turnpike), Route 202 and Route 422, Wegmans has excellent accessibility to the affluent suburban townships in the Philadelphia MSA.
The Wegmans parcel is the initial phase of The Village at Valley Forge, a 101.55-acre mixed-use development that will include lifestyle retail, apartments, and office/medical office properties as well as a children’s hospital. Once the high-profile development is complete, Wegmans will be the anchor.
This is the fund’s second retail acquisition in the Northeast, having acquired Porter Square Galleria, an urban retail center in an irreplaceable location on a subway line in Cambridge, Mass., earlier this year.
www.omegare.com
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