Center Square Commons Sold to Cyprus Based Medipower for $40 Million
The Center Square Commons Shopping center in Blue Bell was sold to Medipower, a full-service commercial real estate company, specializing in retail real estate across the North East and Canada's major markets. Medipower is publicly traded on the Tel Aviv Stock Exchange under the symbol MDPR.
The Center is anchored by Aldi and other tenants include a Pennsylvania Fine Wine & Spirits store (relocated from McCafferty's in 2019), as well as food establishments Starbucks Coffee, Zoe’s Kitchen, Jersey Mike's Subs, Nektar and Anthony’s Coal Fire Pizza.
Medipower CEO Ron Stern, said "We are excited to add another trophy asset to our portfolio. Center Square Commons fits perfectly within Medipower’s strategy of owning best-in-class grocery-anchored shopping centers in dominant trade areas with an excellent credit profile, strong demographics and barriers to entry."
The next closest property owned by Medipower is the North End Center located in Pottstown, PA
It remains unclear if the new owner will complete the construction of the planned entrance leading to 73. To learn more, read our article on the proposed entrance here.
For a flashback, to the pre-construction of Center Square Commons, you can view site plan conception drawings as presented to Whitpain Township here. These slides take you way back and show you where the project started. Does anyone else miss Tiger ll?