New York company buys grocery-anchored shopping center for $8 million

Original article published on Philadelphia Business Journal

Time Equities Inc. paid $8 million for William Penn Plaza, a grocery-anchored shopping center in Easton, Pa.

The 91,211-square-foot shopping center is at 3099 William Penn Highway in Easton and is 92 percent occupied. R.J. Waters & Associates was the seller.

The property is anchored by Weis Markets, which leases 59,214 square feet. Game Stop Inc., Subway, Friendly’s and Lehigh Valley Dry Cleaners are also tenants in the center. The new owner is planning to renovate the exterior.

This is the sixth acquisition for Time Equities in Greater Philadelphia., and the New York firm plans to continue expand its footprint in the region.

Ronald Cappello of Colliers International arranged the transaction.