Most of Upland Square Center Sold to Investment Trust
POTTSTOWN PA – A large portion of Upland Square, the popular West Pottsgrove Township shopping center that opened during 2009, has been sold by its owners, Paramount Realty, to a Singapore-based real estate firm for $85.7 million, the Philadelphia Business Journal reported Monday (June 13, 2022).
The buyer is United Hampshire U.S. Real Estate Investment Trust, which has a history of investing in that invests in grocery store-anchored retail centers. Upland Square has Giant (at top) as its food anchor, accompanied by TJ Maxx, Ross, Burlington, Ulta and Ashley Furniture. United Hampshire already owns other properties in the Philadelphia area, according to Journal reporter Natalie Kostelni.
Although Paramount sold the bulk of its holdings at Upland Square – 400,674-square-feet, Kostelni writes – it did not sell all of them. It retained “AMC (Theaters) and some other out-parcels such as Starbucks, Aspen Dental, and Chili’s, cutting the size” of what was offered for purchase. Paramount may decide to sell those properties separately later, she added.
Kostelni’s story indicated the Upland Square sale, and that of a separate and unrelated center in Voorhees NJ, demonstrate a continuing trend of “investors gravitating toward grocery-anchored retail properties.”
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