Institutional Property Advisors Brokers 410,000 SF Regional Power Center Sale in Harrisburg Pennsylvania
“One of the largest power centers serving the Eastern Shore of Harrisburg, Colonial Commons is anchored by industry-leading retailers including Hobby Lobby, Dick’s Sporting Goods, HomeGoods, Marshalls, Ross, Jo-Ann Fabrics, Ulta, Old Navy, and slated for opening in 2023 – PetSmart,” said Brad Nathanson, IPA senior managing director investments. “The synergistic co-tenancy among these retailers has contributed to its success in being one of the highest visited shopping centers in all of Central Pennsylvania with over 3.3 million visits, according to Placer AI. At the time of the sale, occupancy was 98%,” Nathanson added. “There has been tremendous power center investment velocity from investors given the retail sector’s resiliency through the pandemic and high demand for value retailers, including apparel and furniture, in rapid expansion over the past 12 to 18 months.” Nathanson represented the seller and procured the buyer. Prasavi Inc. AEM Property Group was retained for property management and Bennett Williams for leasing.
Built in 1989 and renovated in 2014, Colonial Commons is located on Route 22/Jonestown Road, two miles east of the convergence of Interstates 81 and 83, two of the busiest interstates connecting the Washington, D.C./Baltimore area to New York City with average traffic counts exceeding 200,000 cars per day. The retail plaza draws from a population of approximately 300,000 people with an average annual household income over $75,000 within a 10-mile radius.
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Institutional Property Advisors (IPA) is a division of Marcus & Millichap (NYSE: MMI), a leading commercial real estate services firm in North America. IPA’s combination of real estate investment and capital markets expertise, industry-leading technology, and acclaimed research offer customized solutions for the acquisition, disposition and financing of institutional properties and portfolios. For more information, please visit www.institutionalpropertyadvisors.com.