The Shoppes at Ellis Preserve in Newtown Square has been sold for $60 million to Ellis Preservation LLC, writes Natalie Kostelni for the Philadelphia Business Journal.
The retail center at 3735-3741 West Chester Pike is anchored by a Whole Foods and a Firepoint Grill. It is part of a 218-acre Ellis Preserve mixed-use development at Routes 252 and West Chester Pike.
The 103,874-square-foot retail center was built by Equus Capital Partners, the first phase of retail development for the mixed-use community.
Equus received final approval last month from township officials to construct an additional 78,000 square feet of retail space.
Plans include several restaurants, a 143-room Marriott AC, a barn-themed event space for 300 to 350 people, a five-story office building, a 200-unit apartment complex and 63 townhouses.
Work is expected to begin next year.
The Whole Foods opened last January, and has 17 years left on its lease. The Shoppes at Ellis Preserve are located in an area with a high disposable income.
“Ellis has performed extremely well and is a very attractive investment because of the Internet-proof tenant line up,” said Steve Spaeder of Equus.
Read more about the sale and future plans for the Shoppes at Ellis Preserve here.