PHILADELPHIA-AREA SHOPPING CENTER SELLS FOR $9.3M

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LANSDALE, PA. — A Philadelphia-area developer and property owner has sold Allen Forge Shopping Center, a 51,878-square-foot shopping center in Lansdale, for $9.3 million, or $187 per square foot. The center is located at 850 S. Valley Forge Road, approximately 28 miles northwest of Philadelphia. Tenants at the shopping center include a 13,000-square-foot CVS/pharmacy drugstore with a drive-thru, a 9,000-square-foot wine and spirits retail outlet and a Bank of America branch. Matthew Gorman and Michael Shover of Marcus & Millichap represented the seller in the transaction. Gorman and Shover also represented the buyer, a Lehigh Valley-based 1031 tax-deferred exchange investor.

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