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153K-SF Retail Finally Closes
Phillips Edison (PECO) acquired the 153,085-square-foot Palmer Town Centre in Easton, PA, paying $32.3 million for the asset. The closing took place after a one-year escrow that involved correcting certain title matters and working with the seller, which consisted of 37 tenant-in-common owners.
The center at 757 S. 25th St. is anchored by a Giant Foods Supermarket and a Marshall’s Department Store, and was marketed in late 2015. “PECO stayed with us on this transaction for almost a year, despite significant title issues involving land parcels that surround the center,” said Colliers’ Tom Lagos, who, led the negotiations with his Los Angeles team. He added that the large number of TIC owners also prolonged the escrow, though asset manager Festival Cos. helped manage the ownership’s expectations.
With the closing, “PECO now takes over a strong performing, grocery-anchored shopping center with the opportunity to increase NOI by bringing shop rents to market levels,” said Colliers’ Derek Zerfass, who is based in Allentown, PA, and who represented the company’s boots on the ground during the process.
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