Blue Bell-based Goldenberg Group has sold Water Tower Square, a 269,000-square-foot Montgomeryville shopping center it owned for more than three decades.

Pittsburgh-based Echo Realty and San Francisco-based TPG bought the property at 751 Horsham Road in Montgomery Township, the Philadelphia Business Journal first reported, as Around Ambler reported Wednesday, Sept. 23. The final sale price was not disclosed. The center was projected to sell for around $55 million when it hit the market in May.

Goldenberg Group, headquartered at 630 Sentry Parkway in Blue Bell, had owned Water Tower Square since 1992. Founder, president and CEO Kenneth N. Goldenberg built the company into what it calls Greater Philadelphia's top developer of open-air "power" shopping centers, with 8 million square feet developed since 1987.

Home Depot and Sprouts Farmers Market anchor the center. CBRE broker Colin Behr, who co-listed the property, called Home Depot a "unicorn tenant," according to the Journal. Sprouts opened at Water Tower Square in 2025. Planet Fitness, Bob's Discount Furniture and Miller's Ale House also lease space there.

The deal marks the first joint acquisition for Echo and TPG since TPG bought Echo in June for about $2 billion, North Penn Now reported. Echo, founded in 2000, owns more than 230 properties and has developed more than 16 million square feet of neighborhood and regional shopping centers. The firm specializes in grocery-anchored retail.

Water Tower Square is Echo's fifth shopping center in the Philadelphia region, joining Giant Marketplace at Bensalem, Media Shopping Center and Swedesford Plaza in Berwyn, Echo COO Aaron Savin told the Philadelphia Business Journal.

The shopping center sits near the Five Points intersection in Montgomeryville, close to Five Points Plaza, which is anchored by BJ's Wholesale Club and Lowe's. No redevelopment plans or tenant changes have been announced by the new owners.

The sale price had not been recorded in Montgomery County property records as of Wednesday, Sept. 23.