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Medipower Acquires Centre Square Commons in Philadelphia MSA

Medipower Acquires Centre Square Commons in Philadelphia MSA

Medipower Overseas Co. of Cyprus has acquired the nearly fully-occupied Centre Square Commons from Kinsley Properties for approximately $40 million.

Centre Square Commons is an 88,598 qi Grocery Anchored Shopping center located in prestigious Blue Bell, Montgomery County, one of the wealthiest in the Philadelphia MSA.

The Center is anchored by Aldi in their latest prototype of 22,450 sqf. In addition to Aldi being the anchor, the property is occupied by a strong mix of regional and national tenants including Pennsylvania Fine Wine & Spirits, Starbucks, Zoe’s and Anthony’s Coal Fire Pizza.

With an average household income of over USD 149,00 within 3 miles, the center, developed in 2017, is strategically located in the heart of Blue Bell and appeals to the strong line-up of service-oriented tenants.

Brad Nathanson of Institutional Property Advisors (IPA) represented the seller.

Ron Stern, CEO: "We are excited to add another trophy asset to our portfolio. Center 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."

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