Berwyn-based Brandolini Properties has sold five local shopping centers to a partnership of Cyprus-based Medipower Public and New Jersey-based Paramount Realty. Leanna Tilitei covered the $114.25 million sale for the Philadelphia Business Journal.
The portfolio includes two Chester County properties, both anchored by Giant supermarkets:
- Marketplace at Westtown
- Lionville Shopping Center
Other properties included in the sale are:
- The Aldi-anchored Limerick Crossing
- George’s Marketplace-anchored Dreshertown Plaza
- Spring Towne Shopping Center, anchored by Giant and Lowe’s.
Combined, the five properties total 741,902 square feet.
After being put on the market, the portfolio drew significant attention. It proved especially attractive because of the onsite presence of high-performing, high-trafficked grocers. Other appealing factors include the shopping centers’ increasing or stable sales, long-tenured tenants, and locations near highly populated neighborhoods.
The fact that grocery-anchored shopping centers became even more desirable during the coronavirus pandemic also aided the sale. Their ability to remain open during mandatory shutdowns was a solid benefit.
This acquisition continues Medipower’s expansion in the Philadelphia region. The real estate firm has previously bought Aldi-anchored Centre Square Commons in Blue Bell and Redner’s-anchored North End Center in Pottstown, among other properties.
Read more about the sale in the Philadelphia Business Journal.