Katz Properties has sold the Brookhaven Shopping Center for an estimated $35 million to Invesco Real Estate.
The seller, based in New York, bought the 211,758-square-foot center at 5005 Edgemont Ave. in Brookhaven, Delaware County, for $12.3 million in 2012. That was when the property suffered some setbacks.
It had been anchored by a 102,700-square-foot Kmart and a 60,000-square-foot Pathmark and both of those stores closed. In the time that Katz has owned the property, those spaces have been re-leased with a 150,000-square-foot Lowe’s Home Improvement store as well as a 65,000-square-foot ShopRite and a PetSmart.
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