{"id":1004197328,"date":"2017-11-14T07:59:56","date_gmt":"2017-11-14T15:59:56","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004197328"},"modified":"2022-12-08T09:39:30","modified_gmt":"2022-12-08T17:39:30","slug":"westover-buys-suburban-philly-retail-center","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/westover-buys-suburban-philly-retail-center\/","title":{"rendered":"Westover Buys Suburban Philly Retail Center"},"content":{"rendered":"<p><em>By Tudor Scolca<\/em><\/p>\n<div id=\"attachment_1004197338\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/11\/Gilbertsville-Shopping-Center.jpg\" target=\"_blank\" rel=\"noopener noreferrer\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004197338\" data-attachment-id=\"1004197338\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/westover-buys-suburban-philly-retail-center\/gilbertsville-shopping-center\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/11\/Gilbertsville-Shopping-Center.jpg\" data-orig-size=\"800,534\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;1494547200&quot;,&quot;copyright&quot;:&quot;Copyright: 2013&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;1&quot;}\" data-image-title=\"Gilbertsville Shopping Center\" data-image-description=\"&lt;p&gt;The Gilbertsville Shopping Center at 1050 E. Philadelphia Ave., Gilbertsville PA&lt;\/p&gt;\n\" data-image-caption=\"&lt;p&gt;The Gilbertsville Shopping Center&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/11\/Gilbertsville-Shopping-Center.jpg?w=800\" class=\"wp-image-1004197338 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/11\/Gilbertsville-Shopping-Center.jpg\" alt=\"The Gilbertsville Shopping Center\" width=\"300\" height=\"200\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/11\/Gilbertsville-Shopping-Center.jpg 800w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/11\/Gilbertsville-Shopping-Center.jpg?resize=300,200 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/11\/Gilbertsville-Shopping-Center.jpg?resize=768,513 768w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004197338\" class=\"wp-caption-text\">The Gilbertsville Shopping Center<\/p><\/div>\n<p>The Westover Cos. acquired Gilbertsville Shopping Center in suburban Philadelphia.\u00a0The grocery-anchored shopping center was marketed by an HFF team on behalf of the seller, Brixmor Property Group. Westover bought the asset in an all-cash transaction.<\/p>\n<p>The 85,576-square-foot shopping center is anchored by Weis Markets, a food retailer\u00a0that has been a tenant of the building since its construction in 1976. At the time of the transaction, the asset was 95 percent leased. Other tenants include Anytime Fitness, T-Mobile, Pet Valu, Dairy Queen, Quest Diagnosis and Key Bank.<\/p>\n<h2>Prime suburban location<\/h2>\n<p>The property is situated at 1050 E. Philadelphia Ave. in Gilbertsville, Pa. Tenants get good exposure due to the\u00a0central location, with multiple apartment communities along Route 73 and adjacent streets as well as traffic inflow from Route 100. The Gilbertsville suburb is approximately one hour and a half from downtown Philadelphia, and about two hours from New York City.\u00a0<\/p>\n<p>\u201c<em>The Gilbertsville Shopping Center has been a successful asset since its development due to its market positioning and Weis grocery anchor. <a href=\"https:\/\/www.commercialsearch.com\/news\/branch-buys-110m-grocery-anchored-retail-portfolio\/\">Grocery-anchored retail<\/a> in the Philadelphia suburban markets continues to price aggressively, and Gilbertsville was no exception with multiple competitive offers throughout the marketing process,<\/em>\u201d said Chris Munley, managing director at HFF, in a prepared statement. Munley together with Director Michael DiCosimo and Senior Managing Director Jose Cruz facilitated the transaction.<\/p>\n<p><em>Image courtesy of HFF<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Gilbertsville Shopping Center is located in an area with good exposure. The Weis-anchored asset was 95 percent leased at the time of the transaction.<\/p>\n","protected":false},"author":1284,"featured_media":1004197338,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21742,10,1494,21749],"tags":[34343,32792,33270,35466],"class_list":["post-1004197328","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-latest","category-northeast","category-philadelphia","category-retail","tag-brixmor-property-group-inc","tag-hff","tag-jose-cruz","tag-westover-companies"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Westover Buys Suburban Philly Retail Center - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/westover-buys-suburban-philly-retail-center\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Westover Buys Suburban Philly Retail Center\" \/>\n<meta property=\"og:description\" content=\"Gilbertsville Shopping Center is located in an area with good exposure. 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