Hatfield's Real Estate Arm Just Paid $22 Million for a Downingtown Shopping Center
Clemens Development bought the 104,000 square foot Mill Town Square anchored by Kimberton Whole Foods and Planet Fitness, its latest move into a portfolio now worth more than $200 million.
The company behind Hatfield bacon now owns a shopping center in Downingtown. Clemens Development, the real estate arm of Clemens Food Group, paid $22 million for Mill Town Square at 150 East Pennsylvania Avenue, a 104,000 square foot center anchored by Kimberton Whole Foods, Planet Fitness and Green Street Grill. CBRE marketed the property without a public asking price, and the sale was first reported October 27.
This isn't Clemens chasing a flashy trophy asset. It's a meatpacking company's real estate arm putting money into a grocery-anchored center with a 24 hour gym and a sit down restaurant already paying rent, the kind of occupied retail that keeps generating income no matter what Chester County's office market does next. The deal pushes Clemens Development's portfolio past $200 million.
A company that understands supply chains and real assets is buying the rent roll here, a grocery anchor and tenants already paying on time every month. Industrial money moving into stabilized retail is a trend worth watching across the collar counties right now, and it's usually a sign the center's tenants aren't going anywhere.
Source: MyChesCo
Why it matters
A fully leased grocery-anchored center in Chester County just traded for $22 million with no public asking price. If you're holding something similar, that's your comp for a quiet, off market conversation with a buyer like this.
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