by Linda Moss Costar
New Jersey-based Lamar Cos. has purchased a shopping center in Pennsylvania for $60 million, one of a half-dozen acquisitions of retail properties it's recently closed totaling over $165 million.
Lamar, based in Fairfield, in conjunction with Real Capital Solutions of Louisville, Colorado, bought The Shops at Valley Square, a 293,550-square-foot "lifestyle center" in Warrington, Pennsylvania. The seller in the April transaction was Ares Real Estate Management Holdings of Los Angeles.
Prior to that, in February, Lamar and Real Capital acquired a four-shopping center portfolio in Puerto Rico. And in December last year, they purchased Stone Creek Towne Center, a shopping center in Cincinnati, for $25.8 million from DRA Advisors of New York City.
The Lamar-Real Capital partnership has acquired nearly $500 million in total over the past 11 years and is continuing to seek shopping centers across the United States and Puerto Rico.
The most recent purchase, The Shops at Valley Square, is a Class A, mixed-use lifestyle center with retail, office and the potential for multifamily development for over 300 units. It has roughly 293,550 square feet and was built in 2007.
The center is located in an affluent suburb about 16 miles north of Philadelphia at the intersection of Street Road and Easton Road, two of Bucks County's busiest commercial arteries, with cumulative traffic counts exceeding 69,000 vehicles a day, according to Lamar.
In addition to being shadow-anchored by a high-performing Wegmans supermarket, the Valley Square center features a tenant mix that includes Ulta Beauty, DSW, Banana Republic, P.F. Chang's, Playa Bowls and Panera Bread.
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