Two shopping centers in the Greater Lehigh Valley have been sold to a Cyprus-based real estate group for $26.5 million.
The sites are North End Shopping Center, a 102,905 square-foot-neighborhood center in Pottstown, and Madeira Plaza, a 164,917 square-foot-community center in Reading.
Brad Nathanson, executive vice president with CBRE Group Inc. of Philadelphia’s Capital Markets Group, represented the seller, SIN Ventures of Wilmington, Del., and the buyer, Medipower Overseas Co. of Cyprus, a multinational real estate group, in the transaction.
North End Shopping Center, 94 percent occupied, is anchored by Redner’s Warehouse Market, CVS, Dollar General and Pennsylvania Wine & Spirits, according to a news release. Headquartered in Maidencreek Township, Redner’s is a regional supermarket chain with 45 stores in Pennsylvania, Delaware and Maryland.
Madeira Plaza, 100 percent occupied, is anchored by Redner’s Warehouse Market, Big Lots, Office Max, Rite Aid and Dollar General.
“Both shopping centers are well-performing … the focus of what most investors want in today’s marketplace,” Nathanson said in a statement. “The attraction to the assets came from the stability of the historical occupancy of the grocery anchors for over 13 years, coupled with the continued growth of the housing markets in western Montgomery County and Berks County along the Route 422 corridor.”