EAST NORRITON, PA-Bala Cynwyd-based Stoltz Management acquired the 121,020-sf East Norriton Shopping Center. The seller was East Norriton Associates, a private local-area group.
Neither the general counsel for Stoltz nor representatives of Conshohocken-based Fameco Real Estate, which negotiated for the seller, would disclose the price. Michael Seaman of Fameco says it "was a very competitive buying situation." On condition of anonymity, an area retail real estate specialist tells GlobeSt.com, "while pricing for multi-tenant assets in the Greater Philadelphia area varies widely, my estimate is that this property traded in the range of $200 per sf," which would take the price tag over $24 million.
The seller asked Fameco to list the property, "because of the aggressive nature of the market right now," Seaman says. Seaman worked with John Fasciano and Ron Cappello of Fameco's investment sales team to find a buyer. Stoltz was represented in house. The buyer's counsel tells GlobeSt.com, "we considered this to be a desirable property for investment." Stoltz will manage the asset, he says.
The center, which is located at Germantown Pike and Route 2002 in Montgomery County, was built in 1998 and Seaman says it is 100% occupied. Anchors are a Genuardi's supermarket, Staples and Blockbuster Video, and Seaman tells GlobeSt.com the rental rates are in the "low to mid $20s per sf for the smaller space, non-anchor units."
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