The seller, original developer Madison Development Group of Philadelphia, was represented by Mark Taylor, Dean Zang and Christopher Munley of the Philadelphia office of Marcus & Millichap. The new owner of the property, Boston-based AEW Capital Management Inc., was represented by Sharon Bands, a senior director in the Manhattan office of Marcus & Millichap.
"The property presented the buyer with an opportunity to acquire a neighborhood shopping center in the town center of one of the fastest-growing municipalities in the Philadelphia metro area," says Taylor, who notes that the shopping center is located adjacent to the town's post office and municipal complex. A new residential community is also within walking distance.
"The transaction was difficult because the property had debt in place that had to be assumed," Taylor says. "We had to find a buyer who could pay a significant amount of equity over the debt, and would be a long-term holder of the asset to realize a significant return."
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