New York investment firm buys Northeast Philadelphia retail center for $78M

Blackstone, a New York investment firm, has paid $78 million for Northeast Tower Center, a 301,208-square-foot retail property in Philadelphia, according to those familiar with the transaction.

Paramount Realty Services Inc. of Lakewood, New Jersey, sold the center at 4640 Roosevelt Blvd. It is anchored by a 119,388-square-foot Walmart and counts Staples, Ross Dress for Less, and Old Navy among its other tenants.

The entire center totals around 500,000 square feet but the transaction did not include a Home Depot, Pep Boys and Raymour & Flannigan, which are all tenants but separately own their respective spaces.

Northeast Tower was developed in 1996 by what is now PREIT, which sold it to Paramount in a transaction that was finalized in 2012 when the remaining unsold interest in the real estate was transferred, according to Securities and Exchange Commission documents.

The property is at the intersection of Roosevelt Boulevard and Whitaker Avenue and saw more than 6 million visits over the past year, according to Institutional Property Advisors data.

Paramount owns other properties in the region. The company, in partnership with Medipower Public Co. Ltd, a Cyprus-based real estate company, closed last month on a $114.25 million acquisition of five Greater Philadelphia shopping centers. It bought the properties from Brandoloni Cos. and added to its portfolio of other retail centers it owns such as Home Depot Plaza in Bensalem and Upland Square in Pottstown.

*Article courtesy of Philadephia Business Journal

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