King of Prussia, PA – May 17, 2017 – The King of Prussia Town Center, a 263,423 square-foot Class A shopping center located at 155 Village Drive in King of Prussia, Pennsylvania was sold last week. The JBG Companies sold the property after having developed it over the past 3 years.
The shopping center is the retail component of The Village at Valley Forge, a 122-acre master planned, mixed-use development that will feature nearly 3,000 residential units and 1 million square-feet of commercial space upon completion. Additionally, the King of Prussia Town Center is shadow anchored by a 130,000 square-foot Wegmans grocery store.
CBRE retail team members Adam Kohler and Mallory Scaccetti, who were the exclusive leasing agents for the shopping center under JBG, have been retained under the new ownership.
"We are thrilled to continue our role as leasing agent at King of Prussia Town Center,” said Kohler, Executive Vice President. "Having been engaged in this project from early on in the development phase, it’s so exciting to see the market’s enthusiasm through the early stages of tenant openings. Customers are happy, the tenants are happy – it’s just terrific. We’re now coming into our first warm weather season since the center opened and the Town Square on Main Street is full of people. We’re really looking forward to continuing to lease this amazing Town Center."
King of Prussia Town Center is currently 87 percent leased with an exciting mix of tenants already open, including Fogo De Chao, honeygrow, LA Fitness, Road Runner Sports, Nordstrom Rack, REI, Ulta and Davio’s Northern Italian Steakhouse, as well as a number of first to market tenants opening soon such as Midici, Muse Paintbar, District Taco and Founding Farmers.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2016 revenue). The company has more than 75,000 employees (excluding affiliates), and serves real estate investors and occupiers through approximately 450 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
The shopping center is the retail component of The Village at Valley Forge, a 122-acre master planned, mixed-use development that will feature nearly 3,000 residential units and 1 million square-feet of commercial space upon completion. Additionally, the King of Prussia Town Center is shadow anchored by a 130,000 square-foot Wegmans grocery store.
CBRE retail team members Adam Kohler and Mallory Scaccetti, who were the exclusive leasing agents for the shopping center under JBG, have been retained under the new ownership.
"We are thrilled to continue our role as leasing agent at King of Prussia Town Center,” said Kohler, Executive Vice President. "Having been engaged in this project from early on in the development phase, it’s so exciting to see the market’s enthusiasm through the early stages of tenant openings. Customers are happy, the tenants are happy – it’s just terrific. We’re now coming into our first warm weather season since the center opened and the Town Square on Main Street is full of people. We’re really looking forward to continuing to lease this amazing Town Center."
King of Prussia Town Center is currently 87 percent leased with an exciting mix of tenants already open, including Fogo De Chao, honeygrow, LA Fitness, Road Runner Sports, Nordstrom Rack, REI, Ulta and Davio’s Northern Italian Steakhouse, as well as a number of first to market tenants opening soon such as Midici, Muse Paintbar, District Taco and Founding Farmers.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2016 revenue). The company has more than 75,000 employees (excluding affiliates), and serves real estate investors and occupiers through approximately 450 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
