Friday, November 10, 2017

The Westover Companies purchased Gilbertsville Shopping Center for Cash

The sale of Gilbertsville Shopping Center, an 85,576-square-foot, grocery-anchored shopping center located in Gilbertsville was traded. It is an affluent Philadelphia suburban community within Montgomery County, Pennsylvania.

The seller was Brixmor Property Group.  The Westover Companies purchased the asset on an all cash basis.

Gilbertsville Shopping Center is anchored by Weis Markets, which has been a tenant since the center was constructed in 1976.  The 95.6-percent-leased center is also home to Anytime Fitness, T-Mobile, Pet Valu, Dairy Queen, National Auto Stores, Great Clips, Quest Diagnosis, Key Bank and Fine Wine & Good Spirits.  The center is at 1050 East Philadelphia Avenue (Route 73).

“The Gilbertsville Shopping Center has been a successful asset since its development due to its market positioning and Weis grocery anchor. Grocery-anchored retail in the Philadelphia suburban markets continues to price aggressively, and Gilbertsville was no exception with multiple competitive offers throughout the marketing process.”

“Gilbertsville is a strong suburban market with access to multiple employment hubs. Weis is ideally positioned within the local marketplace, which has enabled it to be a successful store and enhance the property’s ability to attract and retain tenants.”

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