SOUTHAMPTON, PA-A joint venture between Katz Properties and Paragon Realty Group purchased a 148,000-square-foot grocery-anchored center here for just under $20.3 million. The two firms bought Southampton Shopping Center from an investor not named in a press release.
The asset is anchored by Giant supermarket. Other tenants in the 89%-filled asset include Citizens Bank, GameStop and Tuesday morning. The buyers plan to renovate the center, starting with a new facade.
Katz, based in New York City, is looking to increase its retail holding in Pennsylvania. The company recently acquired grocery-anchored centers in Connecticut, Maryland and upstate New York.
Paragon, based in Westport, CT; owns shopping centers in the Northeast and Mid Atlantic. In Philadelphia it owns Wadsworth Shopping Plaza, at Cheltenham and Wadsworth avenues, and Citibank Plaza, at Cottman and Bustleton avenues.
Mortgage financing on the local deal was provided by New Alliance Bank and Perricone of Wells Fargo Commercial Mortgage Banking brokered the transaction.
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