Bucks County's Shops at Valley Square sells for $60M

Lamar Cos., a New Jersey real estate company, has paid a bargain price of $60 million to buy the Shops at Valley Square, a 293,550-square-foot mixed-use lifestyle center in Warrington that is 70% occupied.

The last time the property traded was in 2016 when a partnership involving Poag Shopping Centers of Memphis, Tennessee, and a real estate fund overseen by Ares Management of Los Angeles, paid $82 million.

Valley Square, built in 2007, follows the evolution of lifestyle centers. In their first iterations, the properties were primarily focused on apparel retailers and, before the pandemic, the incorporation of tenants that provided food, fitness and fun became a focus. While that tenant mix remains the case, the addition of apartments, medical uses and self storage have also become important components to these open-air centers.

Valley Square at Route 611 and Street Road is the first acquisition in the Philadelphia market by Lamar, which is based in Fairfield, New Jersey.

“What drove interest in the property is the prior ownership got a zoning overlay for mixed-use and multifamily,” said Brad Nathanson, a broker with Institutional Property Advisors who arranged the sale to Lamar. “People today want to see how they can activate a property with alternative uses. What we found is lifestyle centers had been struggling for years because it was primarily focused on apparel.”

*Article courtesy of Philadelphia Business Journal

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Bucks County’s Shops at Valley Square sells for $60M

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