Tuesday, May 10, 2016

Medipower Acquired Two Shopping Centers in Reading and Pottstown $26.55 million

by Steve Lubetkin, Globest.com
edipower Overseas Co., a multinational real estate group, has acquired North End Shopping Center, a 102,905 square-foot neighborhood center located in Pottstown, PA, and Madeira Plaza, a 164,917 square-foot community center in Reading, PA, from SIN Ventures for $26.55 million.

“Both shopping centers are well performing, in-fill mature grocery anchored centers, the focus of what most investors want in today’s marketplace,” says Nathanson. “The attraction to the assets came from the stability of the historical occupancy of the grocery anchors for over 13 years coupled with the continued growth of the housing markets in Western Montgomery County and Berks County along the Route 422 corridor.”

North End Shopping Center, 94-percent occupied at the time of closing, is anchored by Redner’s Warehouse Market, CVS, Dollar General and PA Wine & Spirits. Headquartered in Reading, Redner’s is a regional supermarket chain with 45 stores in Pennsylvania, Delaware and Maryland.

Madeira Plaza, fully occupied at the time of closing, is also anchored by Redner’s Warehouse Market, Big Lots, Office Max, Rite Aid and Dollar General.

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