CBRE Arranges Sale of Water Tower Square in Montgomeryville, Pennsylvania

CBRE has arranged the sale of Water Tower Square, a 269,018-square-foot, grocery-anchored shopping center in Montgomeryville. ECHO Realty and TPG purchased the property from The Goldenberg Group through a newly formed joint venture, marking the partnership's first acquisition.

Chris Munley, Colin Behr, Ryan Sciullo and Casey Smith of CBRE's National Retail Partners team represented the seller in the transaction.

“Water Tower Square offered investors the opportunity to acquire a best-in-class shopping center in a dominant Philadelphia MSA retail corridor, anchored by a unicorn tenant in Home Depot,” said Behr. “The transaction further underscores the strength of the region, serving as the first acquisition for the new Echo Realty and TPG venture and highlighting continued demand from new institutional capital.”

Water Tower Square is strategically located at 751 Horsham Road, near the Five Points intersection of U.S. Route 202, Pennsylvania Route 309 and Pennsylvania Route 463. The property is anchored by The Home Depot and Sprouts Farmers Market and features a mix of national and regional retailers, including Planet Fitness, Flagship Cinemas, Bob's Discount Furniture, World Market and Miller's Ale House.

“Congratulations to The Goldenberg Group on a tremendous execution at Water Tower Square,” said Munley. “By securing Sprouts Farmers Market as a new anchor, they meaningfully enhanced the property's tenancy, strengthened its long-term fundamentals, and drove a significant increase in value. We're grateful to the Goldenberg team for the opportunity to represent them on this transaction, and we congratulate them on a well-deserved result.”