Friday, June 24, 2016

Poag And Ares Funds Acquire Warrington, PA, Lifestyle Center

by Steve Lubetkin,
A joint venture between affiliates of Poag Shopping Centers and real estate funds managed by Ares Management has rung the cash register for The Shops at Valley Square.

The joint venture has acquired the 292,888 square-foot mixed-use lifestyle center located in Warrington, Bucks County, PA, from iStar Financial. Built in 2007, the shopping plaza features 203,953 square feet of first-floor lifestyle retail and 88,935 square feet of second-floor professional office space.

“This community favorite is a beautifully designed gathering space with excellent stores and restaurants,” says Josh Poag, president and chief executive officer of Poag Shopping Centers. “We look forward to adding special touches and events that will make for an even better experience for families and individuals. There has been tremendous population growth in this area of the country during the past ten years, and we are pleased to expand our presence here and throughout the Northeast region.”

The Shops at Valley Square is a signature transaction within the suburbs of Philadelphia given its rare large size among lifestyle centers within the MSA,  With the dominant nature of the enclosed mall sector within the markets of King of Prussia, Cherry Hill and Willow Grove, most of the lifestyle centers that had been constructed over the past 15 years have been smaller in nature, raising the prominence of The Shops at Valley Square among the lifestyle tenants, the firm says.

“We are excited to partner with Poag, a real estate manager with proven expertise and success in commercial and retail investments across the US, in order to improve this property and maintain its position as one of the premier retail centers in the region,” says Steve Wolf, partner in the Ares Real Estate Group.  “The Shops at Valley Square is well located and known for offering an attractive mix of retail and dining alternatives.”

The Shops at Valley Square is part of a larger master planned development that is anchored by Wegmans Supermarket, an additional 167,500 square-foot power center, and approximately 200 townhouses.

Conveniently located at the prime intersection of Route 611 and Street Road in Warrington, the center is situated within one of Pennsylvania’s most affluent areas, Buck County, with average household incomes of $106,000 and average home values of $325,000. Retailers at the center include DSW, ULTA, Banana Republic, White House Black Market, and Loft. A sampling of restaurants includes P.F. Chang’s, Chipotle, Panera, The Melting Pot, and a local favorite, Carmel Kitchen & Wine Bar.

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