Dealmaker: Institutional Property Advisors Brokers $68M in Property Sales
Institutional Property Advisors, Calabasas, Calif., closed retail and multifamily transactions totaling $68.4 million.
In Jenkintown, Pa., IPA sold 167,700-square-foot shopping center Noble Town Center. The Pottstown Mercury reported a joint venture between Paramount Realty Services and Edgewood Properties paid $14 million for the asset.
“Noble Town Center is a dominant vertical shopping center located at a high-profile intersection shared with Trader Joe’s, Whole Foods and Wawa,” said Brad Nathanson, IPA Senior Managing Director. “The new owner will enhance value by leasing two vacancies formerly occupied by Stein Mart and a local gym as well as redevelop a significant portion of the site with an alternative use.” Nathanson represented both the seller and the buyer in the transaction.
Located on the corner of Old York Road/Route 611 and The Fairway, the property is across the street from the Southeastern Pennsylvania Transportation Authority ‘s Noble and Rydal train stations. Jenkintown is a primarily residential community three miles north of Philadelphia. More than 100,000 people live within three miles of Noble Town Center with an average annual household income exceeding $107,000.
Constructed in 1958 as a Wanamaker’s department store, the three-story retail structure transformed into Noble Town Center in 1999. The property was 64 percent occupied at closing due to Stein Mart’s September 2020 bankruptcy.
IPA also sold Sundown Village, a 330-unit multifamily property in Tucson, Ariz. The asset traded for $54.4 million or $165,000 per unit.
“In 2020, Tucson was one of the nation’s leaders in rent growth and the city’s multifamily vacancy rate was at its lowest level in 20 years,” said Hamid Panahi, IPA First Vice President. Panahi and IPA Executive Managing Directors Steve Gebing and Cliff David represented seller HSL Properties and procured buyer APRA Capital.
Built on nine acres in 1984 and updated in 1994, Sundown Village is 10 miles from the University of Arizona. Three shopping centers sit within a mile of the property and nearby demand drivers include Roche Pharmaceuticals, Honeywell and Sanofi-Aventis.