Noble Town Center sells for $14 million
ABINGTON >> The Noble Town Center — a 167,689-square-foot shopping center in Abington Township, Montgomery County — recently sold for $14 million.
The center was purchased in a joint venture between Paramount Realty Services and Edgewood Properties, according to Institutional Property Advisors, which represented the seller of the property. Institutional Property Advisors is a division of commercial real estate services firm Marcus & Millichap.
“Noble Town Center is a dominant vertical shopping center located at a high-profile intersection shared with Trader Joe’s, Whole Foods, and Wawa within an affluent trade market,” Brad Nathanson, Institutional Property Advisors senior managing director, said in a press release. “The new owner will enhance value by leasing two vacancies formerly occupied by Stein Mart and a local gym totaling 60,000 square feet as well as redevelop a significant portion of the site with an alternative use.”
Located on the corner of Old York Road/Route 611 and The Fairway, the property is across from SEPTA’s Noble and Rydal train stations. An estimated 100,000 people live within three miles of Noble Town Center and the average annual household income exceeds $107,000, according to the release.
Originally constructed in 1958 as a Wanamaker’s department store, the three-story retail structure was transformed into Noble Town Center in 1999. The shopping center is anchored by Ross, Bed Bath & Beyond, PetSmart, and Walgreens. The property was 64% occupied at the time of the sale as a result of a bankruptcy in September 2020 by Stein Mart, one of the anchor tenants. The transaction closed in April.