Providence Town Center

JLL Arranges $162 Million Sale of Providence Town Center Retail Property in Metro Philadelphia

by Julia Sanders

Collegeville, Pa. — JLL has arranged the $162 million sale of Providence Town Center, a 759,945-square-foot retail center located in the Philadelphia suburb of Collegeville.

Regional grocer Wegmans has been the anchor store for Providence Town Center since the property was developed in 2009. Brandolini Cos. sold the center to a partnership between Finmarc Management Inc. and KPR Centers.

The property is the fourth-most-visited open-air retail center in the state, according to the brokerage team that handled the sale. Nearly 65,000 vehicles drive by Providence Town Center via State Route 422 on a daily basis, and an additional 20,000 vehicles pass the site on U.S. Highway 29 each day.

At the time of sale, Providence Town Center was 92 percent leased to Wegmans, Old Navy, Dick’s Sporting Goods, HomeGoods, Michaels, LA Fitness and Movie Tavern. The brokerage team also notes that the acquisition of Providence Town Center marks the largest open-air retail transaction in the Philadelphia area since the trade of East Gate Square in 2015. The property drew interest from private and institutional investors alike.

James Galbally, Christopher Munley, Colin Behr and Chris Angelone of JLL represented the seller and procured the buyer in the transaction.

“The appetite for larger, $100-plus-million retail deals throughout the country is more robust than pre-pandemic levels, which highlights the conviction and fundamentals behind the retail sector,” says Behr.

“The surrounding demographics, led by an ever-growing residential population, along with the presence of major employers and employment centers, provide us with tremendous confidence about the asset’s long-term performance,” adds David Fink, co-founder and principal of Finmarc.

Joe Hoffman, Aaron Rosenfeld and Josh Thomas of Kelley Drye & Warren provided legal counseling services to the buyer. Cliff Mendelson of Metropolis Capital Advisors arranged acquisition financing.

— Blake Wallin

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