MEDIPOWER ACQUIRES TWO GROCERY ANCHORED SHOPPING CENTERS LOCATED IN READING AND POTTSTOWN PENNSYLVAN
North End Shopping Center, a 102,905 square foot neighborhood center located in Pottstown, Pennsylvania, as well as Madeira Plaza, a 164,917 square foot community center located in Reading, Pennsylvania for a total portfolio purchase price of $26,550,000.
North End Shopping Center, 94% occupied at the time of closing, is anchored by Redner’s Warehouse Market, CVS, Dollar General, and PA Wine & Spirits. Headquartered out of Reading Pennsylvania, Redner’s is a regional supermarket chain with 45 stores in Pennsylvania, Delaware and Maryland.
Madeira Plaza, 100% occupied at the time of closing, is anchored also by Redner’s Warehouse Market as well as Big Lots, Office Max, Rite Aid, and Dollar General.
Ron Stern Medipowwer CEO: “We are excited to acquire two shopping centers which are well performing, in-fill mature grocery anchored centers and have long term stability of the historical occupancy of the grocery anchors for over 13 years”.