WAYNE, PA-U.S. Bank, which filed foreclosure proceedings back in June against the owner of The Chesterbrook Shopping Center here, was the sole bidder at an auction for the 122,216-square-foot center.
Bank affiliate 500 Chesterbrook Boulevard LLC reportedly paid $8.9 million for the center that is currently two-thirds vacant, according to the Philadelphia Business Journal. The center sits on a 13-acre parcel.
It is believed the bank will market the property for sale. The Chesterbrook Shopping Center was owned by Chesterbrook Village Center Associates, an affiliate of Brixmor Property Group. Brixmor took ownership of the property when it acquired Centro Properties in 2011. See story in the Philadelphia Business Journal.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.