"This was the last center in the fund, which had expired," saysMichael Blunt, First VP of investment properties with CB RichardEllis. "This made sense for Westover, which is expanding its retailportfolio. The center is right in its own back yard." A call toWestover was not returned by deadline. The seller was advised bythe Philadelphia-based Grosvenor Investment Management US, formerlyLegg Mason Real Estate Services.

Blunt represented the seller and procured the buyer. There were40 bids on the asset, he tells GlobeSt.com. "This was aone-of-a-kind deal. The location and the demographics are among thebest in the US. It was built in 1977 and totally renovated in 2003.It's trophy quality, is 100% leased by national tenants and hassignificant upside potential."

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