PITTSBURGH, Dec. 2, 2016 /PRNewswire/ -- ECHO Realty announced today that it has purchased a portfolio of 3 grocery-anchored shopping centers in metropolitan Philadelphia. The centers include GIANT Marketplace at Bensalem, Media Shopping Center, and Lionville Station.
GIANT Marketplace at Bensalem is an 88,500 square foot GIANT- anchored center located at the intersection of Street Road and Mechanicsville Road in Bensalem, PA. Media Shopping Center is a 71,000 Acme- anchored center located at the intersection of East Baltimore Pike and North Providence Road in Media, PA. The third center, Lionville Station, comprises 79,000 square feet and is located along East Uwchlan Avenue in Lionville, PA. "We began to work with the Shooster family several years ago and are very pleased that we are finally acquiring these centers. The centers are well located, time-tested properties that also provide an opportunity for enhanced value." according to Drew Gorman, Senior Vice President of Acquisitions and Development.
"We are very excited to be able to achieve a greater critical mass of high-quality grocery-anchored shopping centers in the greater Philadelphia market which has been one of our targeted growth areas for many years," said Thomas Karet, CEO of ECHO Realty. The acquisition adds nearly 250,000 square feet to ECHO's expanding shopping center portfolio. This announcement comes one month after ECHO's purchase of 2 Harris Teeter-anchored properties in Charlotte, NC. The company also purchased 15 acres in Dunkirk, MD where construction will commence on a 100,000 square foot, Harris Teeter-anchored shopping center set to open in the Spring of 2018.
ECHO Realty is a privately held developer, owner, and operator of commercial real estate headquartered in Pittsburgh, PA, with offices in Washington, DC and Indianapolis, IN. ECHO's portfolio consists of 225 properties located in Mid-Atlantic, Southeast, and Midwest markets. ECHO's services include development and construction management, property management, leasing and brokerage (operating as ECHO Retail) and partnership administration. For more information about ECHO Realty, please visit www.echorealty.com.
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SOURCE ECHO Realty