Suburban Philadelphia open-air retail center sells for $162m
Transactions - FEBRUARY 25, 2022

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Suburban Philadelphia open-air retail center sells for $162m

by Released

Brandolini Cos. has sold Providence Town Center, a 759,945-square-foot, open-air destination retail center anchored by Wegman’s in the affluent Philadelphia suburb of Collegeville, Pa.

Finmarc Management and KPR Centers acquired the asset for $162 million.

Providence Town Center represents the second largest open-air retail transaction by square footage in the Philadelphia MSA, behind East Gate Square, which traded in 2015.

Anchored by Wegmans, Providence Town Center is at 10 Town Center and is the No. 4 most-visited retail center in Pennsylvania. Wegman’s, recognized as the dominant grocer in the region, has operated at the property since it was developed between 2008 and 2009. Other notable tenants of the 92-percent-leased center include Best Buy, Old Navy, Dick’s Sporting Goods, HomeGoods, Michaels, LA Fitness and Movie Tavern.

“The appetite for larger, $100+ million retail deals throughout the country is more robust than pre-pandemic levels,

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