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CBRE arranges sale of Water Tower Square in Pennsylvania
The 269,018-square-foot, grocery-anchored center in Montgomeryville was bought by ECHO Realty and TPG through a newly formed joint venture.
CBRE arranged the sale of Water Tower Square, a 269,018-square-foot, grocery-anchored shopping center in Montgomeryville, Pennsylvania, according to ConnectCRE.
ECHO Realty and TPG purchased the property from The Goldenberg Group through a newly formed joint venture, marking the partnership’s first acquisition, and CBRE’s National Retail Partners team represented the seller in the transaction.
The center is anchored by The Home Depot and Sprouts Farmers Market and includes tenants such as Planet Fitness, Flagship Cinemas, Bob’s Discount Furniture, World Market, and Miller’s Ale House.
ConnectCRE said CBRE described the deal as reflecting strength in the Philadelphia MSA retail corridor and ongoing demand from new institutional capital.