The Airport Square shopping center in Montgomeryville has been sold for $82.5 million, according to a source familiar with the deal, becoming the latest retail property in the area to change hands over the last few months.
The 298,719-square-foot retail center at 801 Bethlehem Pike was bought by a fund advised by Wafra Inc., a New York investment firm. The retail center is 98% occupied and is anchored by T.J. Maxx, Marshalls, Best Buy, Home Goods, HomeSense and Golf Galaxy. Other tenants at Airport Square include Chipotle, Shake Shack, Michaels, Old Navy and the Pour House.
The seller, according to the source, was an entity affiliated with DWS Real Estate, a global investment firm whose parent company is Deutsche Bank.
*Article courtesy of Philadelphia Business Journal
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