SITE Centers Sells Pennsylvania Power Center
The retail property previously traded for $47 million.
Ashbridge Square. Image courtesy of Institutional Property Advisors
Kahn Development Corp. and J. Loew & Associates have acquired Ashbridge Square, a 386,248-square-foot power center in Downingtown, Pa. SITE Centers was the seller, according to CommercialEdge data.
Institutional Property Advisors, a division of Marcus & Millichap, brokered the deal. Managing Director Brad Nathanson represented the seller and procured the buyer.
SITE Centers purchased the multi-tenant property for $46.9 million in 2020, the same source shows. In 2019, the asset became subject to a $102.1 million loan originated by Wells Fargo Bank.
Completed in 2000, Ashbridge Square comprises five buildings spread across a 49-acre site. Anchored by Home Depot, the retail center was 88 percent leased at the time of the sale. Nathanson said in prepared remarks that the center’s tenant roster includes new leases with Dollar Tree, Staples, Ashley Furniture and Chick-fil-A, among others.
Located at 845 East Lancaster Ave., Ashbridge Square is near the conjunction of Route 30 and East Lancaster Ave., in an area where the traffic count can reach 19,456 vehicles daily.
IPA recently brokered another transaction in Pennsylvania. Prasavi Inc. acquired a 410,432-square-foot shopping center, for $66.5 million. The brokerage procured the buyer and negotiated on behalf of the seller, Cedar Realty Trust.
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