North Jersey-based Morris Ashbridge Associates LP has bought the 49-acre Ashbridge Square retail center, 900 E. Lancaster Ave., Downingtown, from Pacific Crest Holding LLC, Beverly Hills, Calif., for $51.75 million, or $133 a square foot.
Price includes Morris' assumption of a $38 million loan to NY Life Insurance Co.
Capitalization rate (income/price) is 7.83; that's down from what buyers were paying in the mid-2000s, but "very consistent" with recent deals in the western suburbs and Berks County, says Mark Taylor of broker Marcus & Millichap's Philadelphia office, who represented the seller (the firm also represented the buyer). "There were 17 bidders," of which 15 were rich individual investors or groups, and just 2 were instituions.
Ashbridge tenants include leading big-box stores - Home Depot, Best Buy, Staples - along with low-end grocer Bottom Dollar (owned by Food Lion), a State Store, a discount Christmas Tree Shop and other chains.
(The price per sq ft is also close to what Brandywine Realty Trust paid for Philadelphia's premier office space, the former Bell Atlantic tower, last year. Not comparable, given the different ways the market values offices and stores, says Metro Commercial boss Steve Gartner.)
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