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.
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces.
Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications.
Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).