CBRE announced today that it has arranged for the sale of Whiteland Towne Center, a 359,673-square foot shopping center located at 229 West Lincoln Highway in Exton, Pennsylvania.
CBRE’s Brad Nathanson, Bill Tourtellotte, Kevin McClernon and John Colussi represented the seller, an affiliate of Equus Capital Partners, and identified the buyer, a joint venture between Gorman & Company and Abrams Realty & Development.
Built in 1988, Whiteland Towne Center is positioned at one of the major retail intersections serving all of Chester County, Route 30 and Route 100. Whiteland Towne Center is shadow-anchored by Kohl’s Department Store and Hobby Lobby, which opened in November 2016 following the departure of Acme Markets in 2012. The remaining shopping center is anchored by national retailers including Party City, Big Lots, Total Hockey, Famous Footwear, Petco and a new CVS Pharmacy under construction. CVS is building a freestanding store on a newly created pad site within Whiteland Towne Center at the main entrance off of Route 100.
Nathanson says, “The recent leasing activity along with Whiteland Towne Center’s current occupancy of 79 percent provided investors a value-add opportunity to take advantage of the evolving retail market in Exton in an attractive demographic market with average household incomes exceeding $126,000. With very few sizable opportunities to come to market with superior positioning and comparable demos as Whiteland, investors were attracted to the prospect to build upon the 26,000 square feet of recent leasing and continue to transform the asset in one of the best retail submarkets serving the suburbs of Philadelphia. A perfect marriage existed in the end with the selected purchaser. Abrams Realty and Development brings over 20 years of retail expertise in developing and operating over 2.5 million square feet within the MSA coupled with Gorman & Company, the original developers of the largest office park within the Exton submarket, Oaklands Corporate Center, at over 2 million square feet.”
The principals of Gorman & Company, Jim Gorman and Chris Knauer, in a partnership with Jefferson Apartment Group, are also about to break ground on a 291-unit mid rise luxury apartment complex called Parkview located just a mile down the road from Whiteland Towne Center.
“We are obviously bullish on Exton,” said Jim Gorman. “Whiteland Towne Center represents an opportunity to reposition an asset we know well, in a great township with an increasing demand for more services. Abrams is the perfect partner to help us execute this.”
Whiteland Towne Center is conveniently located on Routes 30 and 100 across from the Exton Square Mall with high daily traffic counts in excess of 35,000 vehicles per day. The property shares an intersection with a brand new Whole Foods which is scheduled to open in 2018. Additionally, significant housing and apartment growth is taking place in the area, including 1,000 new multi-family units through four projects slated to be developed over the course of the next two years, all of which will be in walking distance of Whiteland Towne Center.
Abrams Realty & Development will be managing and leasing the center on behalf of the partnership.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2016 revenue). The company has more than 75,000 employees (excluding affiliates), and serves real estate investors and occupiers through approximately 450 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website atwww.cbre.us.
About Equus Capital Partners.
Equus Capital Partners is one of the nation’s leading private equity real estate fund managers. Equus’ diversified portfolio consists of office, multi-family, industrial, and retail properties located throughout the United States. The firm is headquartered in the Philadelphia area with regional offices in Chicago, Los Angeles, Washington D.C., Boston, Atlanta, and Raleigh-Durham. For additional information, please visit the company’s website at www.equuspartners.com.