Reportedly sold.
Sanatoga Village Center, the shopping complex that is home to a K-Mart department store and Thriftway supermarket at the heart of the Sanatoga PA business district, reportedly has been sold for $8.36 million.
Business there continued as usual this morning (Oct. 15, 2008), and shoppers are unlikely to see any change in the operation of retailers occupying the center.
Its previous owners, Philadelphia-based Walnut Street Capital, sold the real estate to The Galman Group, located in Delaware, according to a news article written by reporter Vonetta Carson and published Monday (Oct. 13, 2008) by The CoStar Group. CoStar is an Internet-based market for, and aggregator of information on, commercial real estate tranactions of all types.
Sanatoga Village Center was built in 1997, and includes 51,725-square-feet of retail space. The deal therefore valued the space at $162 per square foot. That figure is important to real estate investors, who use it for budgeting purposes as well as to make comparisons against other properties they may consider for purchase.
Sanatoga Thriftway is among the tenants.
The L-shaped center fronts the south side of East High Street between Pleasantview Road and Sunnyside Avenue. In addition to K-Mart and Thriftway, it also contains a branch office of M&T Bank, Hollywood Video and GameCrazy, InkStop, Sanatoga Cleaners, American General Finance, Optima Nails, and OleTowne Jewelers. The plaza appears to have few, if any, vacancies and could be considered almost fully leased, making it an attractive real estate investment.
On its website this morning, Walnut Street Capital characterized Sanatoga Village Center as a “stabilized” retail area that would benefit from “upscale shopping … coming to Pottstown. Revitalization is what this center needs,” Walnut Street Capital’s description added.
The center’s reported buyer, The Galman Group, currently specializes in multi-family housing and other apartment-like residential real estate projects. In Montgomery County PA alone, it currently owns or manages for others nine apartment complexes including Pottsgrove Townhomes in Stowe PA; ChesterView Condominiums and Spruce Court in Royersford; and others in Conshohocken, Jenkintown, King Of Prussia, Lafayette Hill, Narberth, and Willow Grove.
The Galman Group also has experience in retail and office real estate. Its commercial space includes Valley Forge Towers in King of Prussia, Regency Towers in Willow Grove, and The Pavillion in Jenkintown.
The sale of Sanatoga Village Center represents the second major news-making event in Sanatoga’s business district during the past week. Norco Auto Group, a car dealership immediately west of the center and another major presence in the district, announced its closing last Friday.
