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Quakertown, Pa. — Katz Properties has purchased Richland Marketplace, a 266,565-square-foot shopping center in Quakertown, for $47.2 million.
The seller was not disclosed. Aldi, Best Buy and BJ’s Warehouse anchor the center, which was 90 percent occupied at the time of sale. Additional tenants include PetSmart, Five Below, Mattress Firm, Ulta Beauty, Red Robin, Chick-fil-A, WaWa and BB&T Bank. Chris Munley of HFF represented the buyer and seller in the deal. Katz Properties will provide leasing and property management services for the retail center.