By Linda Moss CoStar News
In the larger deal, a newly formed joint venture between Pittsburgh-based Echo Realty and San Francisco-based TPG acquired Water Tower Square, a 269,018-square-foot grocery-anchored shopping center in Montgomeryville, Pennsylvania.
The seller was the Goldenberg Group, which is based in Blue Bell, Pennsylvania. Terms of the transaction were not disclosed.
Water Tower Square, at 751 Horsham Road, sits near the Five Points intersection of U.S. Route 202 and Pennsylvania Routes 309 and 463. Anchored by The Home Depot and Sprouts Farmers Market, the center also includes Planet Fitness, Flagship Cinemas, Bob's Discount Furniture, World Market and Miller's Ale House.
"Water Tower Square offered investors the opportunity to acquire a best-in-class shopping center in a dominant Philadelphia [Metropolitan Statistical Area] retail corridor, anchored by a unicorn tenant in Home Depot."
In a separate transaction, Tacoma, Washington-based R.K. Getty acquired Dickson City Commons, a 110,254-square-foot shopping center in Dickson City, Pennsylvania, from Upton, Massachusetts-based Meritus Realty Ventures.
The shopping center sold for $23.75 million.
Dickson City Commons, at 1106 Commerce Blvd., is located in the Scranton and Wilkes-Barre metropolitan area near the intersection of Interstate 81 and Routes 6 and 11. The center is anchored by Marshalls and Michaels and includes tenants such as Skechers, Famous Footwear, Pet Supplies Plus and Fine Wine & Good Spirits.
"We continue to see strong investor demand for dominant retail centers in secondary and tertiary markets. Buyers are increasingly targeting best-in-class assets in smaller trade areas, recognizing the opportunity to acquire high-quality real estate at more attractive yields than comparable assets in primary infill markets."
Dickson City Commons recently underwent nearly $1 million in improvements, including an $800,000 parking lot resurfacing project, facade upgrades, roof repairs, lighting enhancements and landscaping improvements.
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