News

Paramount Realty Acquires 2 Assets in Pennsylvania

03/1/2016

Paramount Realty has acquired two well-located retail assets in Pennsylvania including Quarry Crossings in Downingtown and Restaurant Row in Bensalem.
 
Quarry Crossings is a 63,555 square foot shopping center anchored by LA Fitness, AAA, Buffalo Wild Wings, and Olive Garden.  The center is situated in the heart of the dynamic and growing Exton-Downingtown Retail Corridor where Routes 30, 202, 100, and the Route 30 Bypass converge to form the retail heart of Chester County.  Chester County is one of the fastest growing counties in Pennsylvania, evidenced by the 17% population growth since 2000 in the local submarket.  Downingtown is an upscale community located 30 miles Southwest of Philadelphia, 15 minutes from King of Prussia, and 30 minutes from Wilmington, Delaware.  Additionally, Quarry Crossings is located under one mile away from Paramount Realty’s 152,000 square foot Festival at Exton anchored by Marshalls and HomeGoods and is also located in close proximity to a large portion of Paramount’s existing portfolio.
 
Restaurant Row is 100% leased to five free-standing retailers totaling 31,000 square feet including Wells Fargo, Red Robin, Bertucci’s, Cracker Barrel, and Wendy’s.  The property is located in the heart of the 101 acre, 650,000 square foot Horizon Corporate Center which includes over 340,000 square feet of Class “A” Office Space, a WalMart Supercenter, Lowe’s Home Improvement, and home to many of the area’s premier businesses.  The development also includes other national restaurant users including Chipotle, Chick Fil A, Starbucks, McDonalds, and Panda Express with an additional 315,000 square feet of Office space fully approved within the development.  The property enjoys excellent visibility and accessibility being located at the intersection of US Route 1, the Pennsylvania Turnpike, and Street Road (Route 132), three major thoroughfares which see a combined traffic count of nearly 170,000 Vehicles Per Day.  Directly across the street on the Route 1 North side, sits Paramount Realty’s 350,000 square foot Marketplace at Neshaminy anchored by Target, Home Depot, and LA Fitness and the 1 million square foot Neshaminy Mall.