Echo Realty, TPG Acquire Water Tower Square in Montgomery Township
A Pittsburgh-based investment group, Echo Realty, has acquired Water Tower Square in Montgomery Township along with San Francisco-based TPG. The shopping center on 751 Horsham Road spans over 269,000 square feet and features notable tenants such as Home Depot and Sprouts Farmers Market.
According to the Philadelphia Business Journal, the property was previously owned by Goldenberg Group since 1992 and was projected to sell for around $55 million when it hit the market in May. The sale price has not yet been recorded in Montgomery County property records.
The acquisition marks the first deal between Echo and TPG since TPG acquired Echo in June for approximately $2 billion, with TPG being an asset manager and Echo having experience owning grocery-anchored retail properties. Echo's portfolio consists of over 230 commercial real estate properties, including five shopping centers in the Philadelphia region.