Tuesday, January 14, 2020

Cyprus Investment Firm Acquires Pennsylvania Shopping Center for $40M in Blue Bell

by John Jordan Globest.com
Medipower Overseas Co. of Cyprus has acquired the nearly fully-occupied Centre Square Commons shopping center here from Kinsley Properties for approximately $40 million.

The 88,598-square-foot grocery-anchored shopping center was 96% occupied at the time of the sale. The buyers were Medipower Overseas Co.,
Developed in 2017 as one of only a handful of new grocery-anchored shopping centers delivered in the past few years in the greater Philadelphia suburbs, Centre Square Commons is located on the corner of Route 202, and Route 73 in the heart of Blue Bell. The property is anchored by a 22,450-square-foot Aldi Supermarket.

“The pride of ownership on a generational asset, the success of the lease-up, fine aesthetics of first-class construction, and internet-proof tenancy created strong demand from national investors to own Centre Square Commons."

Centre Square Commons’ tenant roster includes a 10,816-square-foot Pennsylvania Fine Wine & Spirits Signature Premium Store, Starbucks, Zoe’s Kitchen, Anthony’s Coal Fired Pizza, Turning Point, Hand & Stone Massage, Lash Lounge, Jersey Mike’s, Barre 3 Yoga, Verizon and Vist Bank.

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