IPA Brokers $85.7 Million Sale of Grocery-Anchored Power Center in Metro Philadelphia
Pottstown, Pa. — Institutional Property Advisors (IPA), a division of Marcus & Milllichap, has brokered the $85.7 million sale of Upland Square, a 400,716-square-foot power center located roughly 40 miles northwest of Philadelphia in Pottstown. A 76,500-square-foot Giant Food anchors the center, which was leased to tenants such as Burlington, LA Fitness, Five Below, Ross Dress for Less, Bed Bath & Beyond, Staples, TJ Maxx, Petco and Ulta Beauty at the time of sale. An AMC Theatre and the freestanding retail pads located on the site were not included in the transaction. Brad Nathanson of IPA represented the seller, Paramount Realty Services, and procured the buyer, United Hampshire US REIT, in the transaction. MCB Real Estate has been tapped to manage the property, which is shadow-anchored by a 147,071-square foot Target.
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