A major Montgomery County shopping center has changed hands in a $50 million retail real estate transaction. Echo Realty and TPG acquired Water Tower Square from The Goldenberg Group through their newly formed joint venture.
Located at 751 Horsham Road in Montgomery Township, the property spans 269,018 square feet. The fully leased shopping center sold for approximately $186 per square foot, with CBRE arranging the transaction.
Water Tower Square features a strong lineup of national and regional retailers. The Home Depot and Sprouts Farmers Market anchor the center, alongside Planet Fitness, Bob’s Discount Furniture, and World Market. Additional tenants include Flagship Cinemas and Miller’s Ale House.
Built in 1993, the property sits near Montgomery Township’s Five Points intersection. The surrounding area features established residential neighborhoods and a concentration of retail destinations.
Notably, the acquisition marks the first joint property purchase by Echo Realty and TPG. The transaction follows TPG’s approximately $2 billion acquisition of Echo Realty earlier this year.
The partnership combines Echo’s experience in grocery-anchored retail properties with TPG’s institutional investment capabilities. Additionally, the acquisition expands the companies’ presence within the Greater Philadelphia commercial real estate market.
Grocery-anchored shopping centers continue attracting investor interest because they provide access to everyday consumer spending. Furthermore, established national retailers can support consistent customer traffic and long-term tenant demand.
Water Tower Square’s fully leased status adds another attractive component to the investment. Its combination of grocery, home improvement, fitness, entertainment, and dining creates a diversified retail environment.
The transaction also highlights continued investment activity across Philadelphia’s suburban retail corridors. Properties with established anchors, strong occupancy, and access to residential populations remain appealing to commercial real estate investors.
For Montgomery County, the $50 million sale represents another significant transaction within the region’s retail property market. It also demonstrates the continued demand for well-positioned shopping centers throughout Greater Philadelphia.
For more information about Philadelphia retail space for sale or lease, please contact WCRE at 215-799-6900.
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