Thursday, October 17, 2019

Slate Property Sells Dual-Anchored Retail Center in Philly Suburb

by John Jordan
New York City-based Slate Property Group has sold the nearly 75,000-square-foot Country Line Plaza in the Philadelphia suburb of Souderton.

The property that is anchored by Big Lots and a new The Edge Fitness Club. The retail center was acquired by an unnamed private investor. No financial details of the transaction were disclosed.
The 90.3% leased center is also home to Integrated Medical Care, Pho Palace, Akira Sushi and DT Nails & Spa. Situated on 7.67 acres at 15501 Bustleton Ave., the property is visible to approximately 40,000 vehicles a day from frontage along Bustleton Avenue and County Line Road.

The deal for the property shows that demand remains high for infill, high barrier-to-entry retail real estate within the Philadelphia Metro.

County Line Plaza is 20 miles from Center City Philadelphia within an infill area that is being revitalized by the Far Northeast District plan. More than 94,700 residents earning an average annual household income of $88,839 live within a three-mile radius of the property.

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