Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced today the sale of Ashbridge Square, a 386,248-square-foot Home Depot-anchored power center in Downingtown, a bedroom community serving Philadelphia in Chester County, Pennsylvania.
“Located in Pennsylvania’s wealthiest county, Ashbridge Square is anchored by a market-leading Home Depot on a long-term ground lease and has a committed roster of premier tenants with national brands comprising 88% of the gross income,” said Brad Nathanson, IPA senior managing director investments. “The center’s tenant roster includes new leases with Ashley Furniture HomeStore and Dollar Tree, as well as Jo-Ann Fabrics, Christmas Tree Shops, Staples, Chick-fil-A, Patient First, and Wine & Spirits. Currently 88% leased, there was a tremendous amount of investor activity, given the strong affluent demographics and the opportunity to lease up the balance of vacancy of approximately 46,000 square feet. Retail fundamentals are the strongest we have seen in quite some time with record low vacancy and record high rents, which have contributed to a national shortage of value-add shopping center opportunities and ultimately why there was a high demand for Ashbridge Square.” Nathanson represented the unnamed seller and procured the buyer, a prominent regional developer partnership of E. Kahn Development Corp. and J. Loew & Associates.
Built in 2000, Ashbridge Square is a mile from Downtown Downingtown, directly across Lincoln Highway from Brandywine Square, one of the busiest shopping centers in Chester County, anchored by one of the most-visited Wegman’s in Pennsylvania. The centers maintain a synergistic tenant roster and share a signalized intersection that facilitates customer cross-shopping. Over 85% of the local customer population is shared between the two centers. Within five miles, the population is over 98,300, and the average annual household income is $153,759.
About Institutional Property Advisors (IPA)
Institutional Property Advisors (IPA) is a division of Marcus & Millichap (NYSE: MMI), a leading commercial real estate services firm in North America. IPA’s combination of real estate investment and capital markets expertise, industry-leading technology, and acclaimed research offer customized solutions for the acquisition, disposition and financing of institutional properties and portfolios. For more information, please visit www.institutionalpropertyadvisors.com
