Institutional Property Advisors Brokers Grocery-Anchored Shopping Center Sale in Pennsylvania
“The property is a best-of-class asset within one mile of the crossroads of Interstate 83 and Route 30, one of the busiest intersections in Central Pennsylvania,” said Brad Nathanson, IPA senior managing director. “At the time of the sale, the center was 98% occupied with a strong lineup of essential-use tenants, anchored by a 74,541-square-foot Giant Food Stores grocery store and co-anchored by a 125,353-square-foot Lowe’s Home Improvement and a 12,500-square-foot Premium Fine Wine & Good Spirits.” Nathanson represented the seller, and identified the buyer, Triple BAR Group. Manhattan-based Michael Helpern and Chris Marks of IPA Capital Markets, a division of Marcus & Millichap Capital Corp., arranged the debt on behalf of the buyer.
“Within the spectrum of how retailers have transitioned their operations during the pandemic, the strong tenancy and positioning of York Marketplace provided some of the best metrics investors have seen between collections, tenant retention, and performance,” Nathanson added. “With 57% of the income coming from essential anchors with strong above average sales, York Marketplace was nationally recognized as a highly desirable retail investment. At a time when very few shopping centers are on the market, the execution of this transaction was material to the health of the valuation of shopping centers and a positive sign for private and institutional investors, including publicly traded REITS.”