Ashbridge Sq.. Picture courtesy of Institutional Property Advisors
Kahn Growth Corp. and J. Loew & Associates have acquired Ashbridge Sq., a 386,248-square-foot energy middle in Downingtown, Pa. SITE Facilities was the vendor, in keeping with CommercialEdge information.
Institutional Property Advisors, a division of Marcus & Millichap, brokered the deal. Managing Director Brad Nathanson represented the vendor and procured the customer.
SITE Facilities bought the multi-tenant property for $46.9 million in 2020, the identical supply exhibits. In 2019, the asset grew to become topic to a $102.1 million mortgage originated by Wells Fargo Financial institution.
Accomplished in 2000, Ashbridge Sq. includes 5 buildings unfold throughout a 49-acre web site. Anchored by House Depot, the retail middle was 88 p.c leased on the time of the sale. Nathanson mentioned in ready remarks that the middle’s tenant roster contains new leases with Greenback Tree, Staples, Ashley Furnishings and Chick-fil-A, amongst others.
Situated at 845 East Lancaster Ave., Ashbridge Sq. is close to the conjunction of Route 30 and East Lancaster Ave., in an space the place the visitors rely can attain 19,456 automobiles every day.
IPA just lately brokered one other transaction in Pennsylvania. Prasavi Inc. acquired a 410,432-square-foot purchasing middle, for $66.5 million. The brokerage procured the customer and negotiated on behalf of the vendor, Cedar Realty Belief.
