ECHO Realty Buys 3 Grocery-Anchored Centers in Philadelphia

By IvyLee Rosario

Philadelphia—ECHO Realty has announced the purchase of three grocery-anchored shopping centers in metro Philadelphia.

GIANT Marketplace located at 2721 Street Road, Bensalem Pa.

GIANT Marketplace, an 88,500-square-foot property in Bensalem features GIANT, TD Bank, AT&T Wireless, Papa John’s and more. Media Shopping Center, a 71,000-square-foot Acme-anchored plaza in Media houses tenants such as PetValu, Benjamin Moore Paints and Super Cuts. Lionville Station, a 79,000-square-foot center in Lionville is home to Limoncello Restaurant, Manhattan Bagel and Citadel Federal Credit Union, among others.

“We began to work with the Shooster family several years ago and are very pleased that we are finally acquiring these centers,” Drew Gorman, senior vice president of acquisitions and development, said in prepared remarks. “The centers are well located, time-tested properties that also provide an opportunity for enhanced value.”

This purchase adds nearly 250,000 square feet to ECHO’s shopping center portfolio, one month after the company’s acquisition of two Harris Teeter-anchored properties in Charlotte, N.C. ECHO also purchased 15 acres in Dunkirk, Md., where construction will commence on a 100,000-square-foot, Harris Teeter-anchored shopping center set to open in spring 2018.

“We are very excited to be able to achieve a greater critical mass of high-quality grocery-anchored shopping centers in the greater Philadelphia market which has been one of our targeted growth areas for many years,” added Thomas Karet, CEO of ECHO Realty.

Image courtesy of ECHO Realty