DEVON, PA-The King of Prussia-based Westover Cos., which is focused primarily on multifamily assets, expands further into retail with the acquisition of Devon Square for $27 million, or about $172 per sf. The seller is Eastern Retail Holdings, a limited partnership fund consisting of shopping centers.

“This was the last center in the fund, which had expired,” says Michael Blunt, First VP of investment properties with CB Richard Ellis. “This made sense for Westover, which is expanding its retail portfolio. The center is right in its own back yard.” A call to Westover was not returned by deadline. The seller was advised by the Philadelphia-based Grosvenor Investment Management US, formerly Legg Mason Real Estate Services.

Blunt represented the seller and procured the buyer. There were 40 bids on the asset, he tells “This was a one-of-a-kind deal. The location and the demographics are among the best in the US. It was built in 1977 and totally renovated in 2003. It’s trophy quality, is 100% leased by national tenants and has significant upside potential.”

Among the tenants are Kmart, Acme Markets and Eckerd Pharmacy. “The Kmart lease is at $2.55 per sf,” Blunt says, “which is significantly below market rate. If it chooses to exit, there’s future potential for redeveloping the Kmart unit, which, depending on the replacement tenancy, could command from $10 per sf up to $40 per sf,” he says. The center is located on approximately 16.7 acres. “There’s no room for expansion,” Blunt says, “but it’s rare to see this amount of land on the Main Line come to market.”

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