Town Square Plaza changes ownership

New York-based firm buys North Coventry shopping center

NORTH COVENTRY » The Town Square Plaza shopping center has a new owner.

The center at 1100 Town Square Road just off Route 100 has been purchased by Bluejay Management, based in Lawrence, N.Y.

The 215,610-square-foot center was 98 percent occupied at the time the sale was finalized May 30, according to CBRE Group Inc., which arranged the sale.

Town Square Plaza, which sits just off the intersection of Cedarville Road and Route 100, was built in 2004 and had been owned by Retail Properties of America Inc. It had been on the market for 67 days, according to a spokesman for CBRE.

Town Square Plaza is anchored by a 134,574-square-foot Lowe’s Improvement Warehouse, on a long-term lease. Additional retailers in the shopping center include PetSmart, Michaels, Rite Aid, BB&T Bank, Mattress Firm, Hair Cuttery, LongHorn Steakhouse, AT&T and H&R Block.

There are currently two vacancies in the center, according to Bailey Hall, CBRE spokesman, including a 3,200-square-foot end cap space and an additional 1,200-square-foot inline parcel.

The CBRE team of Brad Nathanson, executive vice president, and John Colussi, sales associate, negotiated on behalf of the seller.

“The shopping center garnered national attention given its proximity to Philadelphia in Chester County and a host of national

credit tenants,” said Nathanson.

Bluejay is a privatelyowned real estate investment and management firm that specializes in the acquisition, financing, disposition and management of commercial, multi-family and mixed-use properties, according to the company’s website www.bluejaymanagement.com.

Bluejay was founded in 2003 by Marc Jacobowitz and Yerachmeal Jacobson. The company has built a portfolio of properties including developments, multi-family dwellings and retail shopping centers. To date, the company has owned and managed nearly 2 million square feet of property totaling more than $300 million, according to the website.

The selling price for the center was not released.

Hall said CBRE is the leasing agent for the center, with Jim Creed and Erin Ford listed as the leasing brokers.

For more information about Bluejay Management LLC, visit www.bluejaymanagement.com. For more information about CBRE Group Inc., visit www.cbre.us.

The 215,610-squarefoot center was 98 percent occupied at the time the sale was finalized May 30.

DONNA ROVINS — DIGITAL FIRST MEDIA The Town Square Plaza shopping center has been sold to New Yorkbased Bluejay Management LLC. Shown here is the Lowes, which anchors the center, which also features PetSmart, Rite Aid, Michaels, BB&T Bank and a LongHorn Steakhouse among other stores.

DONNA ROVINS — DIGITAL FIRST MEDIA The Town Square Plaza shopping center has been sold to New York-based Bluejay Management LLC. The center was 98 percent leased at the time of the sale. Shown here is the center’s clock tower.

DONNA ROVINS — DIGITAL FIRST MEDIA The Town Square Plaza shopping center has been sold to New York-based Bluejay Management LLC. Lowes anchors the center, which also features PetSmart, Rite Aid, Michaels, BB&T Bank and a LongHorn Steakhouse among other stores.