Right on the heels of the sale of Montgomery Mall and the $22.6 million sale of the Wegmans parcel to Pasadena, CA-based ExchangeRight, Airport Square Shopping Center, another Montgomeryville retail mecca, has recently been sold by a Deutsche Bank-owned Boston investment firm to New York-based Wafra Inc. for $82.5 million, according to the Philadelphia Business Journal.
According to the report, seller Gateway DC Properties Inc of The Wilder Companies Ltd. of Boston was affiliated with DWS Real Estate, which is owned by Deutsche Bank. According to Montgomery County property records, Gateway D Properties Inc acquired Airport Square in March 1995 for $19 million. The property is appraised and assessed at $23 million, per property records.
JLL Senior Managing Director Jim Galbally was quoted in the Philadelphia Business Journal article that the Airport Square sale “represented an opportunity to acquire, arguably, the best power center in the Philadelphia Metropolitan Statistical Area, creating an extremely competitive bid process that ultimately generated double digit offers.”
According to Shopping Center Business, the sale of the 298,719-square-foot, 42-acre Airport Square Shopping Center at 801 Bethlehem Pike in Montgomery Township was arranged by JLL Capital Markets. At the time of the sale, Airport Square was 98-percent leased. JLL reported that more than 3.6 million consumers have visited Airport Square since last September.
In November 2021, Montgomery Township Supervisors approved preliminary/final land development approval for Shake Shack at the former Wendy’s location.
Stores at Airport Square include TJ Maxx, Marshall’s, Best Buy, HomeGoods, HomeSense, Old Navy, Michael’s, GameStop, Panera Bread, Bonefish Grill, The Pour House, Chipotle, Golf Galaxy and Men’s Wearhouse.
Shopping Center Business and leasing agent Wilder Co. report that Shake Shack will be opening at the complex soon.
See also:
Wegman’s Parcel at Montgomery Mall Sold to California Investor for $22.6M, Store Lease Expires 2033
Montgomery Mall Sold to Investment Group for $55 Million
Montgomery Mall Now Up for Sale, Expected to Sell for Less than Half of Loan Default, Report States
Montgomery Mall in Foreclosure After $118 Million Loan Default, Judge Directs Mall to Be Sold
Possible $100 Million Loan Default Could See Simon Property Walk Away From Montgomery Mall
