Institutional Property Advisors Brokers Regional Outlet Center and Residential Redevelopment Sale in Southeastern Pennsylvania
The Shops @ Rockvale is home to over 40 retailers, including Carter’s, Crate & Barrel Outlet, Disney, Olive Garden and Cracker Barrel. There are open opportunities to lease the remaining retail spaces as Fernmoor Homes, the new owner, executes on the redevelopment opportunity adding a residential component. Brad Nathanson, IPA senior managing director in Philadelphia, in conjunction with David Crotts, IPA director, and Dean Zang, IPA executive managing director in Washington, D.C. executed the transaction on behalf of the seller, Wharton Realty Group, and secured the buyer, Fernmoor Homes.
Fernmoor Homes plans to add 416 apartments in 13 four-story buildings by demolishing 265,198 square feet of commercial space in the shopping center to create a modern mixed-use community. The company anticipates submitting plans to East Lampeter Township in 2023 with the redevelopment of the property taking up to five years with an estimated price tag of $100 million.
According to Nathanson: “Major value-add opportunities like Rockvale are in tremendous demand with investors right now. We are grateful for the opportunity from Wharton Realty Group, specifically Isaac Massry, who began paving the way for the evolution of this asset several years ago.”
Crotts added, “We are excited to have helped facilitate this transaction in such a challenging debt environment. Congratulations to Wharton on the successful sale and to Fernmoor Homes for their purchase and exciting vision for the next chapter of Rockvale.”
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About Institutional Property Advisors (IPA)
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.