Sale of Noble Town Center in Jenkintown Pennsylvania Completed by Institutional Property Advisors
JENKINTOWN, Pa., June 1, 2021 – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced the sale of Noble Town Center, a 167,689-square-foot shopping center in Jenkintown, Pennsylvania.
“Noble Town Center is a dominant vertical shopping center located at a high-profile intersection shared with Trader Joe’s, Whole Foods, and Wawa within an affluent trade market,” said Brad Nathanson, IPA senior managing director. “The new owner will enhance value by leasing two vacancies formerly occupied by Stein Mart and a local gym totaling 60,000 square feet as well as redevelop a significant portion of the site with an alternative use.” Nathanson represented the seller, and procured the buyer, a joint venture between Paramount Realty Services and Edgewood Properties.
Located on the corner of Old York Road/Route 611 and The Fairway, the property is across from the Southeastern Pennsylvania Transportation Authority ‘s Noble and Rydal train stations. Jenkintown is an affluent, primarily residential community located three miles north of Philadelphia. There are 100,000 people living within three miles of Noble Town Center and the average annual household income exceeds $107,000.
Originally constructed in 1958 as a Wanamaker’s department store, the three-story retail structure was transformed into Noble Town Center in 1999. The shopping center is anchored by Ross, Bed Bath & Beyond, PetSmart, and Walgreens. The property was 64% occupied at the time of the sale as a result of a bankruptcy in September 2020 by Stein Mart, one of the anchor tenants. Sean Beuche, license no. RM424190 is Marcus & Millichap’s broker of record in Pennsylvania.
About Institutional Property Advisors (IPA)
Institutional Property Advisors (IPA) is a division of Marcus & Millichap (NYSE: MMI), a leading commercial real estate services firm in North America. IPA’s combination of real estate investment and capital markets expertise, industry-leading technology, and acclaimed research offer customized solutions for the acquisition, disposition and financing of institutional properties and portfolios. For more information, please visit www.institutionalpropertyadvisors.com