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IPA’s Nathanson Closes Deal for Philly-Area Neighborhood Center
Institutional Property Advisors (IPA), a division of Marcus & Millichap, finalized the sale of Warrington Plaza, an 87,581-square-foot, 100% occupied neighborhood shopping center in Warrington, PA, near Philadelphia. The purchase price was $22.5 million.
“Warrington Plaza is shadow-anchored by one of the pandemic’s most durable and profitable big-box retailers, Home Depot,” said Brad Nathanson, IPA senior managing director. “This 116,340-square-foot Home Depot is a strong regional draw that brought in over 933,000 visits in the trailing 12 months.
“The center is further anchored by a 35,000-square-foot regional specialty home improvement retailer, Avalon Floor & Tile, which has been providing tremendous synergy with Home Depot since 2003,’ he continued. “The property was resilient during COVID, retaining 100% of its existing tenants while also getting anchor tenants Avalon and Rite Aid to sign long-term leases.”
Nathanson represented the seller, Valley Forge Investment Corp., and procured the buyer, Realty Resource Capital Corp.
- ◦Sale/Acquisition
