A Weis Market anchors the 118,000-sf center, which is approximately 66% leased. Conshohocken-based Metro Commercial will handle management and leasing of the asset and is targeting tenants that will serve the local community and its college-age demographic. Kutztown University, Albright College and Alvernia College are within the center's market.
"This investment reflects our focus on PRIF acquiring real estate projects with solid fundamentals and excellent upside potential," says William Procida, chairman of Palisades Financial. He says the center is "the only one of its kind serving the Kutztown community, which has outstanding demographics and retail traffic."
The center is approximately 35 years old and has undergone several renovations since it completion. Procida tells GlobeSt.com the new owners have budgeted $300,000 for capital improvements, including a refurbished facade.
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