Friday, July 24, 2015

NRC Acquires Springfield Park Shopping Center for $20.2M

National Realty Corporation closed on its acquisition of the Springfield Park Shopping Center located at 805-857 Baltimore Pike in Springfield, PA. Pennsylvania Real Estate Investment Trust sold the asset for $20.2 million, or about $70 per square foot.

The 287,000-square-foot, open-air strip center consists of a main building and a pad site on 15.6 acres in the Delaware County submarket. It was built in 1982 and renovated in 1994.

"This transaction marks another step in our portfolio transformation as we look to recycle capital into creating value in our high-quality mall portfolio," said Joseph F. Coradino, CEO of PREIT. "We have made meaningful strides in reconstituting and elevating PREIT's portfolio quality while improving our balance sheet and will continue to opportunistically dispose of assets that aren't core to our transformed portfolio."

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