DP Partners Group has sold two newly constructed retail buildings on the edge of the Great Valley Corporate Center for $7.2 million to 169 Empire Boulevard LLC from New York, writes Natalie Kostelni for the Philadelphia Business Journal.
The two buildings are on the two-acre site at 260 Old Morehall Road and house a Chick-fil-A and Starbucks.
The Malvern-based developer acquired the property several years ago, and went through the approval process. He then secured the two marquee tenants before beginning construction on the properties.
Chick-fil-A signed a 20-year lease on the building that totals 4,500 square feet. The restaurant is scheduled to open next month. Meanwhile, Starbucks signed a 10-year lease on the building that covers 2,400 square feet and has been open for the last five months.
The cap rate blended between the two tenants was 4.6 percent, highlighting the strength of the Malvern market, according to Austin Wolfington of DP Partners.
“The buyer selection process was extremely selective and saw competing buyers from throughout the country, given the strength of the leases as well as the continually growing Western Main Line market,” said Wolfington.
Read more about the sale in the Philadelphia Business Journal here.
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