Centre Square Commons sells for $40M

WHITPAIN » Centre Square Commons, an 88,598-square-foot shopping center located at 930 DeKalb Pike, at the intersection of routes 202 and 73 in Whitpain Township, has been sold.

Medipower Overseas Co., a commercial real estate company that specializes in retail real estate across the Northeast and in Canada’s major markets — has purchased the center for approximately $40 million from Kinsley Properties. The announcement was made by Institutional Property Advisors, which is a division of Marcus & Millichap.

The center was 96 percent occupied at the time of the sale, according to Brad Nathanson, senior managing director for Institutional Property Advisors. Nathanson represented the seller, Kinsley Properties, in the transaction.

Centre Square Commons was developed in 2017 and is anchored by a 22,450-square-foot Aldi supermarket. Nathanson said the center includes “a strong lineup” of service oriented tenants and restaurants.

In addition to Aldi, its tenants include: a 10,816-square-foot Pennsylvania Fine Wine & Spirits Signature Premium Store, Starbucks, Zoe’s Kitchen, Anthony’s Coal Fired Pizza, Turning Point, Hand & Stone Massage, Lash Lounge, Jersey Mike’s, Barre 3 Yoga, Verizon and Vist Bank.

“The pride of ownership on a generational asset, the success of the lease-up, fine aesthetics of first-class construction, and internet-proof tenancy created strong demand from national investors to own Centre Square Commons,” Nathanson said in a press release.

Ron Stern, CEO for Medipower, which is based in Cyprus, said the company is excited to add the property to its portfolio.

“Centre Square Commons fits perfectly within Medipower’s strategy of owning best-in-class grocery-anchored shopping centers in dominant trade areas with an excellent credit profile, strong demographics, and barriers to entry,” he said in the release.

Medipower owns several shopping centers in the region including the North

End Shopping Center, 1300 North Charlotte Street in Lower Pottsgrove, as well as two centers in Berks County

and one in Lebanon.

Centre Square Commons earned a 2018 Montgomery Award for “collaborative planning, creative design, and community investment.”

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“Centre Square Commons fits perfectly within Medipower’s strategy of owning best-in-class grocery-anchored shopping centers in dominant trade areas with an excellent credit profile, strong demographics, and barriers to entry.” — Ron Stern, CEO for Medipower

SUBMITTED PHOTO Centre Square Commons, a more than 88,000-square-foot shopping center in Whitpain has been sold for an estimated $40million. The center, at routes 202 and 73, is anchored by an Aldi supermarket.