For more retail coverage, click GlobeSt.com/RETAIL.
BALA CYNWYD, PA-After 18 months of negotiations, locally basedPowell Arms, VP of Jacksonville, FL-based Regency Centers Inc.,closed on the acquisition of Gateway Shopping Center in Wayne. Hewould not disclose the price, but acknowledges, "We paid apremium," and adds, "it was closer to the top of the market thanthe median."
The median price for multi-tenant retail in Greater Philadelphiais approximately $100 per sf, according to Marcus & Millichap.However, Village at Cambridge Crossing in Mt. Laurel, NJ traded for$169 per sf, and Regency paid nearly $198 per sf this year for acenter in San Ramon, CA. On condition of anonymity, an area retailbroker tells GlobeSt.com that Regency's price for Gateway "wascertainly north of $150 per sf, probably in excess of $35million."
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