The News Journal reported the sales price was around $25 million.
CBRE’s Kevin McClernon and George Schmitt represented the seller, Bellevue Holdings, in the transaction.
“CBRE was able to obtain an outstanding value on a dual anchored shopping center which was losing one of its anchors during the sale process. A truly outstanding feat considering the loss of cash stream from 40 percent of the occupied space,” said McClernon, senior vice president in CBRE’s Wayne, PA office.
The shopping center is anchored by a Giant Supermarket and Lowe’s Home Improvement store. At one point, Lowe’s was looking at a site across the highway from Eden Square for a store to replace the retail location that no longer confirms to the new store design of the giant company. It has not been confirmed whether t Lowe’s may now be moving to that location across Route 40 from the center. Site preparation work is under way,.
The Acadia-MCB venture owns and operates more than 1.2 million square feet in the Mid-Atlantic region and is actively and aggressively seeking additional value-add acquisition opportunities, CityBizList reported.
Acadia owns the Brandywine Town Center in north Wilmington. Originally constructed as a future regional mall, Acadia has repositioned the site for big box stores and offices.
Kevin McClernon of CBRE represented the seller in this transaction. Acadia-MCB has engaged John Krause and Brian Bruzek of FamecoICBRE to assist with the leasing at this center.
MCB Real Estate is a Baltimore based, privately held commercial real estate investment firm.
The center is located on the east end of a retail area along Route 40 and has seen the departure of a number of retailers in the past, including Happy Harry’s/Walgreens, which moved to a site with a drive-up window. However, the center has been able to attract retailers to much of the vacant space.
Meanwhile, retail vacancies have been fewer along the Route 40 corridor, with a couple of developers posting signs of future small strip centers.
Click here for the story from CityBizList.
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