Velocity Venture Partners Acquires Richland Plaza Shopping Center In Quakertown, PA For $16.7M
733 South West End Boulevard Quakertown, Pennsylvania 18951, USA
$16,700,000
$74/SF
Building Size
225,000 SF
Asset Type
Retail
Closing
Jul 10, 2023
AI
Velocity Venture Partners has acquired Richland Plaza, a 225,000-square-foot shopping center in Quakertown, Pennsylvania. The property, situated on 20 acres, has been sold by APS Associates for a total price of $16.7 million. Richland Plaza is home to various tenants, including Wells Fargo and Ollie's Bargain Outlet. The buyer, Velocity Venture Partners, has plans to redevelop the shopping center.
Summary of transaction details
- Property Type: Retail
- Transaction Amount: $16,700,000
- Square Footage: 225,000
- Address: 733 South West End Boulevard, Quakertown, Pennsylvania
- Market: Quakertown, Pennsylvania
- Buyer: Velocity Venture Partners
- Seller: APS Associates
- Broker: James Balliet - The James Balliet Property Group - Keller Williams
James Balliet from The James Balliet Property Group, representing Keller Williams, facilitated the transaction between Velocity Venture Partners and APS Associates in the sale of Richland Plaza.
Players
Quakertown Retail Market Snapshot
Boundary boundary · Retail · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.95%
Cash-on-Cash
-0.27%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93