Current tenants at the 13-year-old, 82%-leased property include Burlington Coat Factory, Regal Cinemas and Shoe Carnival. GMH Capital Partners of Newtown Square, PA and Trammell Crow Co. brokered the transaction.
Bill Tourtellotte, a broker on the GMH investment advisory team, says "There were unique and challenging tenancy issues in this transaction," but he didn't disclose the issues. He added only that, "We were able to resolve those issues to mutually beneficial conclusions."
GMH has closed $66.5 million in property transactions year to date. Since 1998, the company has closed $1.3 billion in investment sales in 28 states.
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