Tuesday, December 6, 2016

ECHO Realty Acquires Philadelphia-Area Grocery-Anchored Centers

by Steve Lubetkin, Globest.com
ECHO Realty has purchased a portfolio of three grocery-anchored shopping centers in metropolitan Philadelphia. The centers include GIANT Marketplace at Bensalem, Media Shopping Center, and Lionville Station.

“We began to work with the Shooster family several years ago and are very pleased that we are finally acquiring these centers,” says Drew Gorman, Echo’s senior vice president of acquisitions and development. “The centers are well located, time-tested properties that also provide an opportunity for enhanced value.”

GIANT Marketplace at Bensalem is an 88,500 square foot GIANT-anchored center located at the intersection of Street Road and Mechanicsville Road in Bensalem, PA.

Media Shopping Center is a 71,000 Acme-anchored center located at the intersection of East Baltimore Pike and North Providence Road in Media, PA.

The third center, Lionville Station, is a 79,000 square-foot property located along East Uwchlan Avenue in Lionville, PA.

“We are very excited to be able to achieve a greater critical mass of high-quality grocery-anchored shopping centers in the greater Philadelphia market which has been one of our targeted growth areas for many years,” says Thomas Karet, CEO of ECHO Realty.

The acquisition adds nearly 250,000 square feet to ECHO’s expanding shopping center portfolio.  Last month, ECHO acquired two Harris Teeter-anchored properties in Charlotte, NC.  The company also purchased 15 acres in Dunkirk, MD where construction will commence on a 100,000 square foot, Harris Teeter-anchored shopping center set to open in the Spring of 2018.

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