ENGLEWOOD, N.J.--(BUSINESS WIRE)--The Real Estate Equity Company, LLC (TREECO) announced the acquisition of a 71,000 square foot shopping center in Willow Grove, Pennsylvania for $14.6 million by Treeco/Willow Grove Limited Partnership.
The Willow Grove center is 100% net leased to Best Buy Co., Inc, a Fortune 50 company and the leading retailer of consumer electronics in the United States. 8,500 square feet of the shopping center is sublet to Pier 1 Imports, North America's largest specialty retailer of imported home furnishings and décor.
The property is located in a densely populated suburb of Philadelphia with easy access from the Pennsylvania Turnpike on the heavily trafficked Easton Road (Rt. 611). The center was developed in 1996 and is situated on 8.4 acres. The surrounding trade area has high barriers to entry with a population of 203,000 people living within five miles and an average household income of $95,000.
“This retail box meets all of our acquisition criteria: major metropolitan market with high density and affluent income demographics; high barriers to entry; strong retail corridor; successful existing tenants and attractive repositioning potential,” said Andrew Fish, Director of TREECO.
“We are not speculative investors. We only are interested in properties that make good economic sense, and as the market continues settling to rational levels, we are seeing more deals that speak to us,” added Fish’s partner, James Shmalo.
$10.5 million of financing was provided by The Provident Bank based in Iselin, New Jersey.
ABOUT TREECO.
As of December 2011, TREECO’s affiliated companies own or have interests in 20 properties. Treeco’s portfolio includes class-A, everyday shopping centers, ranging from 75,000 – 350,000 square feet, anchored by national retailers and major grocery stores. Treeco’s mixed-use properties combine street level retail with luxury apartments, professional offices, and multi-tenant heath care.