Asking Price Contact for pricing
NOI Net Operating Income N/A
Cap Rate N/A
Asking Price Contact for pricing
NOI Net Operating Income N/A
Cap Rate N/A

Documents

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Attributes

Year Built 1993
Building Area

Property Description

A 100% occupied, 269,018 sf square foot, Home Depot anchored retail center in Montgomeryville, Montgomery County, PA located approximately twenty (20) miles from Center City, Philadelphia, PA.

Originally developed in 1994 by the current owner, the property is prominently located in an established, regional retail location surrounded by more than 144,000 residents with an average household income of $130,383. In a market with a large retail concentration and competition, Water Tower Square has had an extremely strong historical occupancy rate.


An original tenant which accounts for 62% of the gross income, Home Depot has shown a commitment to the property with a recently executed ten (10) year extension which keeps them in the center through the end of 2029. The sales at Home Depot at Water Tower Square were $51.4 million in 2019, higher than its chainwide average of $48.2 million. 


Strategically positioned along the Route 309 corridor at “Five Points Intersection” (28,000+ ADT), Water Tower Square is located within one of the premier regional retail trade areas in the Philadelphia MSA which boasts such tenancy as Costco, Target, BJs, Wegmans, Trader Joe’s, Lowe’s, HomeSense, Giant, among others. 

Investment Highlights

·      Best-in-class, home improvement anchor in Home Depot

·      8+ years of remaining term

·      28+ years of tenure

·      62% of gross income

·      Secure long-term income with repositioning potential

·      79% of income from tenants with 8+ years of WALT

·      21% of income from tenants with 4 years of less of term

·      Location within hyperactive Route 309 retail corridor

·      Premier retail destination for national retailers

·      Infill market with institutional quality demographics


Jim Galbally

Senior Managing Director

T +1 215 988 5551

james.galbally@am.jll.com


Chris Munley

Senior Managing Director

T +1 484 532 4207

M +1 609 610 1096

c.munley@am.jll.com


Colin Behr

Senior Director

T +1 215 399 1819

M +1 215 896 4253

colin.behr@am.jll.com

Last Updated Date: 25 Nov 2020
James Galbally
James Galbally
Senior Managing Director, Capital Markets
License details
PA - RS295928
Chris Munley
Chris Munley
Senior Managing Director, Capital Markets
License details
NJ-0683560 PA-RS314499

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Last Updated Date: 25 Nov 2020

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