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CBRE Arranges Two Pennsylvania Retail Sales
CBRE has arranged the sale of Water Tower Square, a 269,018-square-foot, grocery-anchored shopping center in Montgomeryville, Pennsylvania.
ECHO Realty and TPG purchased the property from The Goldenberg Group through a newly formed joint venture, marking the partnership’s first acquisition. Chris Munley, Colin Behr, Ryan Sciullo, and Casey Smith of CBRE’s National Retail Partners team represented the seller in the transaction.
“Water Tower Square offered investors the opportunity to acquire a best-in-class shopping center in a dominant Philadelphia MSA retail corridor, anchored by a unicorn tenant in Home Depot,” said Behr. “The transaction further underscores the strength of the region, serving as the first acquisition for the new Echo Realty and TPG venture and highlighting continued demand from new institutional capital.”
The property is anchored by The Home Depot and Sprouts Farmers Market and features a mix of national and regional retailers, including Planet Fitness, Flagship Cinemas, Bob’s Discount Furniture, World Market and Miller’s Ale House.
