A sprawling Pottstown shopping center anchored by Lowe’s, PetSmart and Advance Auto Parts has sold for $22.6 million in a deal that closed away from the open market. Town Square Plaza, the 215,572-square-foot retail center at 1100 Town Square Road, changed hands in the off-market transaction, adding a fresh chapter to a property that has already passed through at least one ownership change in the past decade.
The sale was announced by New York Real Estate Journal, which reported that Cleeman Realty Group closed the sale of the center for $22.6 million in an off-market transaction. The shopping center sits on 38 acres and features what the publication described as a national tenant lineup anchored by Lowe’s, PetSmart and Advance Auto Parts. Michael Cleeman and Sam Seelenfreund of Cleeman Realty Group represented both the purchaser and the seller in the deal, according to the same report.
A Property With a Documented History
This isn’t the first time Town Square Plaza has changed ownership. A 2017 announcement from Bluejay Management described the property as a 215,610 square-foot power center at the same Town Square Road address, a figure that differs slightly from the 215,572 square feet cited in the current report. Bluejay’s materials also stated the center was built in 2004, while the newer report describes it as originally constructed in 2005 — a discrepancy the available records do not resolve.
That earlier transaction was documented by The Mercury, which reported that the center was 98 percent occupied when Bluejay Management’s purchase was finalized on May 30, 2017, though the price of that deal was not disclosed. Bluejay’s own announcement at the time pointed to the surrounding area’s growth potential, noting more than 2,362 homes were either planned or under construction within five miles of the property.
How It Compares to a Nearby Pottstown Sale
Town Square Plaza’s sale arrives alongside another recent Pottstown retail transaction that offers a point of comparison, though the two deals aren’t identical in scale or reported terms. Suburbia Shopping Center, a smaller 154,219-square-foot property built in 2003 on 25.6 acres and anchored by a Giant grocery store, also recently changed hands. Shopping Center Business reported that sale closed for an undisclosed price, with the center 85 percent leased at the time and other tenants including Dollar Tree, Starbucks, UPS Store and Tower Health…