$38.17 Million Shopping Center in Pennsylvania’s Capital Hits the Market
March 29, 2018
HARRISBURG, Pa., March 28, 2018 – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI) announces the firm has been retained as exclusive advisor for the sale of The Shoppes at Susquehanna Marketplace, a 110,365-square-foot open-air shopping and dining destination in Harrisburg, Pennsylvania. The price is $38,172,000. The property will be delivered free and clear of debt.
“The Shoppes at Susquehanna Marketplace’s greater than 90 percent occupancy since its opening in 2004 underscores the asset’s reputation as the go-to destination for upscale shopping, dining and entertainment,” says Bill Rose, senior managing director. “There are nearly 500,000 people and 400,000 employees within a 30-minute drive of this premier multi-tenant asset.”
Rose, Mark Taylor, senior managing director, and Rick Lechtman, first vice president capital markets are representing the seller, an institutional advisor.
Situated above Interstate 81, the property is located at the confluence of interstates 81 and 83 in Harrisburg. The highways have a combined traffic count of approximately 180,000 vehicles per day and both provide excellent accessibility and connectivity to the shopping center. Nearby local employment includes the Pennsylvania State Capitol complex, the Harrisburg Area Community College, the Pennsylvania Department of General Services, Comcast Corp., Capital Blue Cross, and Susquehanna Township High School. Other major employers within the area are the Penn State Health Milton S. Hershey Medical Center, UPMC Pinnacle, the Hershey Co. and TE Connectivity.
Tenants at The Shoppes at Susquehanna Marketplace include Athleta, Banana Republic, Chico’s, J. Crew, JoS. A. Bank, Harvest Seasonal Grill & Wine Bar, Loft, Romano’s Macaroni Grill, Talbots, White House Black Market, and Williams-Sonoma. Athleta, Loft, and Williams-Sonoma are the only retailers of their kind in the trade area.
Mark Taylor is Marcus & Millichap’s broker of record in Pennsylvania.